Alibaba finalizes HK$6b takeover of ChinaVision
Print Edition
ALIBABA has completed its purchase of a 60 percent stake in Hong Kong-listed ChinaVision Media Group, the target company said in a stock exchange filing yesterday.
Under the deal ChinaVision will change its name into Alibaba Pictures Group, it said.
The Internet giant is keen to expand its footprint in the entertainment sector, and recently took a 16.5 percent stake in US-listed video website Youku Tudou Inc.
Alibaba announced in March its decision to buy HK$6.2 billion (US$800 million) worth of new stock in ChinaVision, or a 60 percent stake of the enlarged share capital.
As part of the deal Alibaba will also appoint three board members.
Its chief risk officer Shao Xiaofeng will become executive director, while head of digital entertainment Liu Chunning will be a non-executive director. Martial artist Jet Li will also serve as an independent non-executive director.
The company has been seeking ways to combine the huge amount of e-commerce data and consumers’ online shopping behavior it holds with the entertainment industry.
Last month, the e-commerce giant sold out the second tranche of its crowd-funding product, raising 27.7 million yuan from 100,000 investors, which will allow it to finance five movies.
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