Alibaba Plans $1.5B Culture Fund As It Establishes Massive Entertainment Group

Alibaba Group Holding Ltd. plans to raise a RMB10 billion (US$1.5 billion) investment fund to support China's cultural, media and entertainment sectors, as the e-commerce giant aims to capture a larger share of Chinese consumers' leisure time.

At the same time, Alibaba plans to establish a separate cultural and entertainment group with the vision to help Chinese films, literature, music and sports embrace the Internet age, according to Chinese media reports citing an internal letter sent by Alibaba's CEO Zhang Yong today.

"Alibaba's cultural and entertainment ecosystem will integrate with our e-commerce, financial services, logistics and cloud ecosystems to enrich our services to users," Zhang wrote in the letter.

The new group will encompass the businesses of Youku Tudou, UCWeb, Alibaba Pictures, Alibaba Music, Alibaba Sports, and A...

This news article comes via , who is the copyright owner of this information and news. has licensed the rights to this article and any republication or re-distribution in whole or in part of this content is strictly prohibited without the express consent of China Money Network

You May Also Like