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December 28, 2016 08:00 pm

China's Alibaba Poised To Invest $7.2 Billion in Entertainment and Media

Alibaba Digital Media and Entertainment, part of Chinese e-commerce giant Alibaba, is planning to invest $7.2 billion in entertainment and media over the next three years. From a report on Vulture, submitted by an anonymous reader: 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. A former financier with Legend Capital and seasoned technology executive, Yu said in the email that he "did not come to play." He pledged to invest in content.

Read more of this story at Slashdot.


Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/OgMwYLwSmJM/chinas-alibaba-poised-to-invest-72-billion-in-entertainment-and-media

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