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Alibaba to Invest $7.2bn in Media and Entertainment

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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 an internal 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 media interests 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 funding for new projects.

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

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

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Rachel Reed

Rachel Read

Rachel is Finance Director. She has a degree in engineering from Cambridge University and qualified as a Chartered Accountant at Deloittes in London. She worked in finance in industry for twenty years. She oversees our news and also manages our events.

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