Alibaba Group bolsters entertainment business

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Alibaba Group bolsters entertainment business

Alibaba Group Holding is stepping up investments in the entertainment industry with the formation of a new media group along with a fund of more than 10 billion yuan ($1.48 billion) for new projects.

The change consolidates the Chinese e-commerce giant’s media empire into the Alibaba Digital Media and Entertainment Group, which will include video website Youku Tudou, web browser UCWeb, Alibaba Pictures Group Limited and the company’s gaming, literature, music and digital business units. Yu Yongfu, the former chief executive of UCWeb, will become chairman and CEO of the new group and report directly to Alibaba CEO Daniel Zhang. Bloomberg

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