Updated to include analyst note, CEO comments and earnings estimates.
NEW YORK (TheStreet) -- The top Chinese video Web site Youku (YOKU) is merging with competitor Tudou (TUDO) in a rare merger among U.S.-listed Chinese companies that will create a dominant Web presence.
The two merged online video competitors will create the largest Chinese Web video presence with control of about a third of the overall market, in a move that may cut at a glut of competitive local players. The companies, analogous to Comcast (CMCSA)-owned Hulu and Google (GOOG)-owned Youtube, have turned $100 million-plus annual losses on their free streaming video services prior to merger announcement that's valued at $1.1 billion. The tie-up may help both sites achieve profitability in the future, leading to a share surge in Monday trading.
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