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.