Alibaba buys con­trol of HK me­dia group

China Daily (Canada) - - NEWSCAPSULE -

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.

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