Domestic video sites Tudou and LeTV have entered into a partnership to share video content and reach a wider audience due to rising patent cost online video sites have to pay.

The two companies will set up a joint venture and inject an initial 300 million yuan (US$47 million) to pay for airing rights of domestic TV series and movies.

LeTV will hold 51 percent in the venture, and Tudou will take the rest.

Source:china.org.cn