Magazine article Screen International

China's Alibaba Plots $7.2Bn Entertainment War Chest (Report)

Magazine article Screen International

China's Alibaba Plots $7.2Bn Entertainment War Chest (Report)

Article excerpt

The affiliate's new CEO Yu Yongfu announced the development in an internal email seen by Reuters in which he declared he "didn't come to play".

The report said Alibaba declined to elaborate on its plans, however it marks the latest significant play by the digital giant as it continues to build an entertainment empire.

Alibaba acquisitions and investments include online ticketing companies Yueke and Taobao Piaopiao, ChinaVision Media Group, exhibitor Guangdong Dadi Cinema Construction, and stakes in producer-distributor Hehe Pictures Corp and Beijing's Bona Film Group.

The digital giant is also investing in local talent following a partnership announced in November with Shanghai Theatre Academy (STA) and Fosun Group.

Closer to Hollywood, Alibaba bought a piece of Steven Spielberg's Amblin Entertainment in October and will partner on co-producing and financing films for the global market. …

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