×
You will be redirected back to your article in seconds

Alibaba Poised to Invest $7.2 Billion in Entertainment (Report)

Alibaba Digital Media and Entertainment, part of Chinese e-commerce giant Alibaba, is planning to invest $7.2 billion (RMB50 billion) in entertainment and media over the next three years.

The plan surfaced in an internal email and was first reported by Reuters. According to the agency the company verified the document as genuine.

The plan is being spearheaded by Yu Yongfu, who joined the Alibaba parent group in 2014, and in a meteoric rise has come to head the digital group. He also recently took over as chairman and CEO of Alibaba’s listed film making subsidiary Alibaba Pictures group.

A former financier with Legend Capital and seasoned technology executive, Yu said in the email that he “did not come to play.” He pledged to invest in content.

It is not clear whether the investment figure stated in the email includes costs of a previously announced consolidation of Alibaba’s media assets or the  recently announced commitment to starting a $1.45 billion (RMB10 billion) content fund.

Alibaba Pictures recently invested in Steven Spielberg’s Amblin Partners. It also committed to financing a young adult film “The Warriors” with “Harry Potter” producer David Heyman producing. While Heyman says that does not yet constitute a franchise, APG has confirmed that it bought out global film adaptation rights to the entire 36-volume series of books on which the film is to be based.

 

More Biz

  • Pamela Anderson

    Pamela Anderson Fears Julian Assange 'Won't Survive' Extradition to U.S.

    After previously speaking out in support of her friend and WikiLeaks founder, Julian Assange, Pamela Anderson doesn’t think he would survive an extradition from the U.K. to the U.S. “I hope he gets out of there, but I don’t think he’ll survive extradition. It can’t happen. It’s not even an option. We can’t have him [...]

  • Jane Austin SAG AFTRA

    SAG-AFTRA Secretary-Treasurer Jane Austin Running for President

    Jane Austin, the National Secretary-Treasurer of SAG-AFTRA, has become the third candidate for the presidency of the performers union, joining incumbent Gabrielle Carteris and Matthew Modine. Austin is running as an independent for the top post at SAG-AFTRA, which has 160,000 members. Carteris will seek re-election as the head of the ticket for the Unite [...]

  • Endeavor

    Endeavor Group Holdings Files for Initial Public Offering

    Endeavor Group Holdings, the parent company of talent agency WME, has filed to go public with a Form S-1 with the Securities and Exchange Commission. The company plans to list on the New York Stock Exchange under the ticker “EDR.” The number of shares to be offered and the price range have not yet been [...]

  • Lisbeth R Barron Investment Banker

    Investment Banker Lisbeth R. Barron on How She Became a Broadway Deal Specialist

    If you want to get a deal done on Broadway, call Lisbeth R. Barron. Barron is a veteran investment banker who launched her own shingle, Barron Intl. Group, in 2015. She has brokered a slew of deals throughout her career — which has included stops at S.G. Warburg and Bear Stearns — involving companies and [...]

  • The Prom Broadway

    'The Prom': How the Little Show That Could Found Its Way to the Tonys Dance

    Does a Broadway musical still count as an underdog if it’s got über-producer Ryan Murphy in its corner? It does if it’s “The Prom,” the labor of love from a team of Broadway veterans that’s carving out a place for itself as an original story on a street full of familiar titles and well-known brands. [...]

  • Mario Batali

    Mario Batali Charged With Assault and Battery in 2017 Groping Allegation

    On Friday, Mario Batali will be arraigned in a Boston courthouse regarding an indecent assault and battery charge after a woman accused the restaurateur of groping and kissing her in 2017, according to the New York Times. Several women have also accused Batali of sexual harassment. Batali has continuously denied the claims of sexual assault. [...]

More From Our Brands

Access exclusive content