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...
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