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Alibaba to Invest $7.2bn in Media and Entertainment

Alibaba

Alibaba Digital Media and Entertainment Group, the entertainment affiliate of Alibaba Group Holding Ltd, plans to invest more than 50 billion yuan ($7.2 billion) over the next three years.

he didn't come to play
Reuters reports that based on aninternal email, the company's new CEO, Yu Yongfu, says "he didn't come to play."

In October an strategic partnership between Amblin Partners and Alibaba Pictures Group was reported to co-produce and finance films for global and Chinese audiences.


A major re-organisation in October brought a consolidation of Alibaba's mediainterests and the appointment of Yu Yongfu as chairman and CEO.

It is not clear whether the 50 billion yuan figure is in addition to the previously disclosed 10 billion yuan fundingfor new projects.

The story has beenverified by an Alibaba group spokeswoman who declined to comment further.

https://www.reuters.com/article/us-alibaba-entertainment-idUSKBN14H0UV