China’s two largest online video companies will combine, aiming to create a profitable market leader in the fast-growing but fiercely competitive industry.	中国两家最大的在线视频公司即将合并，希望借此在增长迅猛但竞争异常激烈的在线视频行业组建一个盈利的市场领跑者。
Youku and Tudou, both listed in the US, said yesterday they had signed a definitive agreement under which Youku would be the surviving entity in an all-share transaction. Youku’s shareholders will own 71.5 per cent of the combined company, and Tudou shareholders 28.5 per cent.	优酷(Youku)和土豆(Tudou)两家公司均在美国上市。本周一，双方宣布已经签署了一项最终协议。按照协议规定，在进行100%换股合并之后，优酷的实体将会继续保留。优酷的股东将持有合并公司71.5%的股份，土豆的股东持有28.5%。
Valued at $1.04bn, it is China’s biggest internet-industry deal via a stock swap agreement, according to Thomson Reuters. The agreement comes as both companies are struggling with continuing losses because the cost of acquiring and producing content, and beefing up their infrastructure to ensure faster streaming speeds is outpacing the increase in advertising revenue.	汤森路透(Thomson Reuters)称，这笔交易价值10.4亿美元，是中国互联网行业最大的一笔换股交易。视频网站需要投入大笔资金购买和制作内容，也需要加强基础设施保证更加快速的流媒体播放速度，这些成本大大超出了网站的广告收入，导致两家公司持续亏损，步履维艰，在此背景下双方达成了这笔合并交易。
“We will help form a much healthier industry sector,” said Victor Koo, Youku chief executive. Tudou’s American depositary receipts more than doubled to $38.30 in New York in early afternoon trading, while Youku’s gained 26.7 per cent to $31.69.	优酷首席执行官古永锵(Victor Koo)表示：“我们将推动互联网视频领域实现更加健康的发展。”在周一下午的交易中，土豆在纽约交易的美国存托凭证(ADR)翻了一番有余，涨至38.30美元，优酷则上涨了26.7%，至31.69美元。
Youku said yesterday its fourth-quarter net loss had widened 32 per cent from the same period a year earlier to Rmb49.6m ($7.8m). Revenues doubled to Rmb303.9m in the quarter. On March 1, Tudou reported a Rmb148.9m net loss for the fourth quarter on a 70 per cent jump in revenue.	优酷周一表示，其第四季度净亏损同比扩大32%，至4960万元人民币（合780万美元），营收翻了一番，达到3.039亿元人民币。3月1日，土豆发布报告称，其第四季度净亏损达1.489亿元人民币，营收增长70%。
Last year, online video advertising revenues in China grew 123 per cent to Rmb4.84bn, but the pace of growth is forecast to slow to 83.9 per cent this year and to 33.6 per cent in 2014, according to Analysys, the Beijing-based internet research firm.	总部位于北京的互联网调研公司易观国际(Analysys)表示，去年中国在线视频广告营收增长了123%，达48.4亿元人民币，但预计今年的增长率将降至83.9%，2014年进一步降至33.6%。
Although both companies have seen the cost of content acquisition – such as licensing rights for streaming sports events from China Central Television or buying film rights from Hollywood groups – ease as a percentage of their revenue, analysts have forecast that neither of the two were expected to turn profitable until next year at the earliest.	尽管两家公司购买内容的成本与营收之比已经有所降低，但是分析师预测，两家公司最早到明年才能实现盈利。购买内容的成本包括从中国中央电视台(CCTV)获取网上播放体育赛事的授权、向好莱坞购买电影版权等。
The companies said the deal could make that easier. “We expect to see significant synergies across a number of areas including leveraging licensed content over a larger user base and realising efficiencies in bandwidth management,” said Mr Koo.	优酷和土豆称，合并会使扭亏为盈变得更加容易。古永锵表示：“我们认为两家公司将在多个领域实现协同效应，例如，可以在更大的用户群基础上利用授权内容获取收入，带宽管理的效率也将提高。”
The transaction is subject to shareholder approval and expected to close in the third quarter. Youku was advised by Goldman Sachs, Allen & Company and China Renaissance Holdings. Morgan Stanley and Credit Suisse advised Tudou.	合并还有待股东批准，预计将在今年第三季度完成。高盛(Goldman Sachs)、Allen & Company和华兴资本(China Renaissance Holdings)担任优酷的交易顾问，摩根士丹利(Morgan Stanley)和瑞信(Credit Suisse)担任土豆的交易顾问。
作者：英国《金融时报》 席佳琳 北京报道	译者/倪卫国   消息来源：FT中文网