Alibaba eyes entertainment

Alibaba Digital Media and Entertainment, part of Chinese e-commerce giant Alibaba, is planning to invest $7.2 billion (RMB50 billion) in entertainment and media over the next three years.

The plan surfaced in an internal email and was first reported by Reuters. According to the agency the company verified the document as genuine.

The plan is being spearheaded by Yu Yongfu, who joined the Alibaba parent group in 2014, and in a meteoric rise has come to head the digital group. He also recently took over as chairman and CEO of Alibaba’s listed film making subsidiary Alibaba Pictures group. (RTRS)