Thursday, December 29, 2016
Alibaba entertainment affiliate to invest over $7.2 billion over next three years
BEIJING (Reuters) - Alibaba Digital Media and Entertainment Group, the entertainment affiliate of Alibaba Group Holding Ltd , plans to invest more than 50 billion yuan ($7.2 billion) over the next three years, the affiliate's chief executive said.
In an internal email seen by Reuters and confirmed by an Alibaba group spokeswoman, the affiliate's new CEO Yu Yongfu pledged to invest in content, saying "he didn't come to play."
Alibaba's entertainment business underwent a major reorganization in October, marking a total consolidation of the company's media assets.
At the same time, Yu, former CEO of Alibaba unit UCWeb Inc, became the chairman and chief executive of the new operation.
It was not immediately clear whether the 50 billion yuan figure includes a previously disclosed a 10 billion yuan fund for new projects in the unit.
The Alibaba group spokeswoman declined to give more specific details on the affiliate's investments.
(Reporting by Cate Cadell; Editing by Mark Potter)