Jack Ma’s e-commerce titan Alibaba has completed its acquisition of Chinese streaming giant Youku Tudou in a deal worth $4.2 billion. Alibaba execs announced today it had agreed to pay $27.60 per American depository share. It first emerged in October that Alibaba had made a play for Youku Tudou, one of China’s two biggest streamers.

Youku Tudou had already received a strategic investment of $1.2 billion from Alibaba in May 2014 in return for a 16.5% stake. By seeking to take full control of the company, Jack Ma is making a play to establish his online behemoth as the major digital player in the Middle Kingdom. Youku Tudou, formed by the 2012 merger of Youku and Tudou, is listed in New York.

The competition between China’s online players is intense between Tencent, Baidu subsid iQIYI and Alibaba (a triumvirate dubbed BAT).