Alibaba entertainment
affiliate to invest over $7.2 billion over next three
years
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[December 28, 2016]
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. |
![](../images/122816pics/busine32.jpg)
A logo of Alibaba Group is pictured at its headquarters
in Hangzhou, Zhejiang province, China, October 14, 2015.
REUTERS/Stringer/File photo |
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)
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