Alibaba buys control of HK media group
Alibaba Holding Ltd, China’s Internet conglomerate, will tap into digital content production by acquiring control of a Hong Kong-listed media group for about $800 million .
The e-commerce giant is purchasing a 60 percent stake in ChinaVision Media Group Ltd. The deal is designed to help Alibaba access ChinaVision’s television programs, films and other digital content, which are experiencing surging demand from China’s rapidly growing number of mobile Internet users.
It was Alibaba’s second major move after buying mapping service AutoNavi Software Co Ltd in February for $1.1 billion.