China's YouTube equivalent, Youku Tudou, is being acquired by e-commerce giant Alibaba Group.

The deal will give Alibaba full control of the company, as it already owns a minority stake in the firm. Youku Tudou's board, acting on the recommendation of an independent special committee, unanimously approved the deal and now recommends that shareholders vote to approve it. 

Alibaba is paying $27.60 per American depositary share (ADS) - slightly more than it originally offered back in October ($26.60 per ADS). While ...