Home Social media Alibaba Planning $1.48B Digital Media, Entertainment Investment Fund

Alibaba Planning $1.48B Digital Media, Entertainment Investment Fund

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The Chinese e-commerce giant also consolidates its media and entertainment businesses, with mobile unit head Yu Yongfu now overseeing the combined operation.

Chinese e-commerce giant Alibaba has reorganized its media and entertainment businesses, with mobile unit head Yu Yongfu now overseeing the combined operation, Reuters reported Monday.

The company, whose chairman is Jack Ma, is also planning to establish a 10 billion yuan, or $1.48 billion, affiliated investment fund that will help finance new projects, it said.

The company didn’t comment on specific investments, saying the fund will spend money across Alibaba’s digital media and entertainment businesses, according to the report.

Read more : http://www.billboard.com/articles/business/7340658/alibaba-planet-first-of-its-kind-all-in-one-music-app

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