Chinese internet giant Alibaba is to invest around seven billion euro in the expansion of its media and entertainment branch, the division’s new CEO Yu Yongfu said.
50 billion yuan
Alibaba will invest fifty billion yuan in media and entertainment companies over the next three years. Formed in October, Alibaba Digital Media & Entertainment Group should become an important growth division for the Chinese internet giant. The newly-appointed CEO is convinced: “I did not come to play“.
Through its media and entertainment subsidiary, which already owns China’s most popular video platform Youku Tudou and web browser UCWeb, Alibaba is also trying to gain a foothold in Hollywood: founder Jack Ma’s company invested in the new Mission Impossible movie and acquired a stake in Amblin Partners, a production company tied to director Steven Spielberg.
