The next logical step in China's Internet deal frenzy could be a video tie-up between Tencent and Sohu, since the two companies are already allied in search. Tencent was earlier in talks with Youku over a possible investment and will want to keep toe-to-toe with Alibaba.

按照逻辑，中国互联网交易热潮的下一步可能是腾讯控股与搜狐公司视频业务的整合，因为这两家公司已经在搜索业务上展开合作。腾讯早些时候与优酷土豆就潜在投资进行了谈判，预计将与阿里巴巴直面交锋。

Regulatory risks hang over the entire sector. Chinese censors recently pulled four popular U.S. television shows from the Web, including one, 'The Good Wife,' which Youku had the rights to. Last week, Beijing stripped portal site Sina Corp. of some publishing licenses over pornographic material, sending shares down 10% over two days.

监管审查是整个视频行业面临的一大风险。中国审查机构最近将四部美剧从国内视频网站下架，优酷土豆拥有其中《傲骨贤妻》(The Good Wife)的播放权。上周，中国政府吊销了新浪公司(Sina Co., SINA)的《互联网出版许可证》和《信息网络传播视听节目许可证》，导致其股价在两天内下跌10%。

Nor is Youku coming cheap. The deal will be done at $30.50 per share, 26% higher than Youku's closing price on Friday. But because Youku will issue new shares in the transaction, this understates the premium that Alibaba is paying. Youku as a whole will be valued at $6.6 billion, 63% above its Friday market cap, or 13 times 2013 sales for the loss-making company.

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