Tencent Holdings Ltd. (00700.HK) has rejected rumors that it has agreed to buy 20 percent stake in leading Chinese internet television company Youku Tudou Inc., Beijing Business Today reported Thursday. The company’s denial came after a media report said earlier, citing an unidentified source, that the companies have reached a tentative agreement under which Tencent will offer at least US$300 million and inject its QQ video service into Youku Tudou in exchange for 20 percent stake in the latter. The deal could be announced by the end of the month, the report said. Youku Tudou is said to have daily-average viewership of 42.77 million, compared with QQ video’s 26.22 million.
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