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Alibaba makes $3.6 billion offer for 'China's YouTube'

Alibaba wants to own the rest of Chinese streaming video service Youku Tudou it doesn't already own, and Jack Ma is willing to spend big money on it, according to the The New York Times.

Alibaba offered $3.6 billion in cash for the remaining 82 percent of the company, the newspaper reported. It purchased the first 18 percent of the company last year. Youku Tudou is also know as "China's YouTube."

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The offer is a 30 percent premium over Youku Tudou's closing price on Thursday. Youku Tudou attracts more than 500 million people a month, the Time said.

Chinese Internet giants, Tencent and Baidu, are Alibaba's main rivals.