Alibaba ac­quires com­pany to ex­pand into dig­i­tal

China Daily (Canada) - - NEWSCAPSULE -

An in­vest­ment firm con­trolled by the founders of e- com­merce con­glom­er­ate Alibaba Group Hold­ing Ltd agreed to buy a 20-per­cent stake in a Chi­nese In­ter­net-tele­vi­sion com­pany for about $6.54 bil­lion yuan ($1.06 bil­lion).

Un­der terms of the part­ner­ship with Wasu Me­dia Hold­ing Co, the two com­pa­nies will work to­gether on dig­i­tal con­tent that can be pre­sented on TV plat­forms.

The ac­qui­si­tion is the lat­est in a buy­ing spree by Alibaba as it heads to an ini­tial pub­lic of­fer­ing in the United States later this year.

The in­vest­ment in Wasu is not Alibaba’s first foray into the me­dia sec­tor. In mid-March, Alibaba agreed to pay $804 mil­lion for a 60-per­cent stake in Chi­naVi­sion Me­dia Group Ltd, which has a rich busi­ness port­fo­lio rang­ing from print me­dia to tele­vi­sion and films to mo­bile games.

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