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Youku Climbs on Internet Video License for Tablets, Smartphones

April 5 (Bloomberg) -- Youku Inc. gained for the first time in three days after the owner of China’s most popular online video site received a license to offer government-authorized content on computers, tablets and smartphones.

American depositary receipts of Youku, which plans to acquire smaller competitor Tudou Holdings Ltd. in a stock deal valued at about $893 million, rose 1.9 percent to $22.47 at 12:40 p.m. in New York after rising as much as 4.4 percent in earlier trading. Tudou advanced 2 percent to $30.74.

China’s General Administration of Press and Publication granted Youku the license on March 28, the Beijing-based company said in a statement distributed by PRNewswire today.

To contact the reporter on this story: Leon Lazaroff in New York llazaroff@bloomberg.net

To contact the editor responsible for this story: Emma O’Brien at Eobrien6@bloomberg.net

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