Chinese conglomerate Alibaba is consolidating its key entertainment holdings under one new umbrella group.
The company’s movie arm recently bought a minority stake in Amblin Entertainment in a move that will give Steven Spielberg’s film production company ticketing support in China. It has also invested in a number of Paramount Pictures titles.
Alibaba Digital Media & Entertainment Group will include such businesses as Youku Tudou – China’s version of YouTube – UCWeb, Alibaba Pictures, Alibaba Music, Alibaba Gaming, Alibaba Literature and Alibaba Digital Entertainment.
It will have a complimentary fund of around $1.5bn (£1.23bn/€1.36bn) to invest in the digital media and entertainment industries.
According to the Deadline news website, Victor Koo will serve as chairman of the Strategy and Investment Committee – with responsibility for the fund – and will focus on catalysing growth of the overall entertainment industry at the helm of the new fund.
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