Alibaba Acquires Chinese Online Ticketing Platform Damai.Cn

Alibaba Group Holding Ltd's cultural and entertainment group has fully acquired, a Bejing-based online ticketing platform, according to a company announcement.

No financial details were announced.

After the completion of the deal, will cooperate with Alibaba's music division, connecting music application with concert ticketing. The two companies will also form a new music business model connecting singers, tickets and music fans.

Alibaba created a cultural and entertainment group last November to put businesses such as online video platform Youku Tudou, browser company UCWeb, Alibaba Pictures, Alibaba Music, Alibaba Sports and Alibaba Digital Entertainment under one umbrella.

The unit wanted to raise a RMB10 billion (US$1.4 billion) fund to invest and consolidate in the cultural, media and entertainment sect...

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