×
You will be redirected back to your article in seconds

Losses at Alibaba Pictures Reach $53 Million

Film production and investment company Alibaba Pictures Group recorded losses of US$53.5 million (HK$415 million) in 2014, compared with profits of US$24 million (HK$186 million) prior to its takeover by Alibaba, the Chinese e-commerce giant.

The previous year figures were restated to reflect mistreatment of mainland Chinese VAT certificates, deferred taxes, convertible debt notes and the value of film rights. In June last year Alibaba bought majority control of the company (previously known as Chinavision), and installed new management. In August, it discovered discrepancies, suspended Alibaba Pictures’ shares for several months and warned of losses.

Film revenues in the year came from minority equity stakes in films including Peter Chan’s “Dearest” and Ning Hao’s hit “breakup Buddies,” and from TV series “Bayonet Heroes.”

Under a five-picture deal with Wong Kar-wai’s company Block 2, development has started on “Bai Du Ren,” a film to be directed by novelist and first time filmmaker Zhang Jiajia.

Alibaba Pictures says it is working closely with the parent company. “Alibaba Group has commenced synergistic coordination with [Alibaba Pictures’] cultural, film and television entertainment-related resources and businesses, and has defined the [Alibaba Pictures] as the flagship unit of Alibaba Group’s entertainment business,” the company said in regulatory filing.

“[Alibaba Pictures] and Alibaba Group have commenced resource integration, and have explored a user-demand-oriented e-commerce customization model through the Internet and big data, in addition to developing a cross-industry in-depth cooperation model for e-commerce and cultural and creative industry by taking advantage of the deployment of O2O (online to offline) film related business in ways such as conducting promotion and marketing activities on Alibaba Group’s e-commerce platforms.”

More Biz

  • Plume of black smoke rising from

    Lawsuit Expected Next Week in Response to Universal Music Fire

    A Los Angeles law firm representing several Universal Music recording artists affected by the 2008 fire that destroyed a huge number of master recordings is expected to file a lawsuit as early as next week. King told Variety that he expects to sue for negligence and other torts. He declined to identify his clients, saying [...]

  • Nicholas Sparks

    Nicholas Sparks Responds as LGBT Discrimination Claim Resurfaces

    Nicholas Sparks, the prolific author of romance novels, is facing renewed allegations that he discriminated against gay students at his Christian school in North Carolina. The allegations were first leveled by Saul Benjamin, the former headmaster of the Epiphany School of Global Studies, in a wrongful termination suit he filed in 2014. Benjamin’s suit alleged [...]

  • Tyler the Creator and DJ Khaled

    Inside the DJ Khaled-Tyler, the Creator Chart Battle

    The controversy surrounding the recent chart battle between DJ Khaled and Tyler the Creator — in which a bundle promoting Khaled’s album was disqualified from adding to its sales tally for the May 24 Billboard 200 album chart, allowing the No. 1 spot to go to Tyler’s “Igor” — has been a first-class problem for [...]

  • Cuba Gooding Jr. Diversity

    Cuba Gooding Jr. Charged with Misdemeanor Forcible Touching

    Actor Cuba Gooding, Jr., has been charged with a misdemeanor count of forcible touching following an incident at a nightclub, the New York Police Department said Thursday. Gooding turned himself in to NYPD detectives on Thursday, surrounded by a throng of media. Later in the day, he was arraigned in front of Judge Herb Moses. [...]

  • Contract Placeholder Business WGA ATA Agent

    CAA Challenges Writers Guild of America's Legal Standing in Packaging Fee Lawsuit

    CAA has challenged the Writers Guild of America’s legal standing for bringing forth the lawsuit against Hollywood’s four largest talent agencies over the issue of packaging fees. CAA’s latest legal response to the suit filed by the WGA in Los Angeles Superior Court in April asserts that the guild does not have the right to [...]

More From Our Brands

Access exclusive content