Alibaba to acquire majority stake in ChinaVision
Source: AFP |
March 12, 2014, Wednesday
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Print Edition
Print Edition
CHINESE e-commerce giant Alibaba has agreed to buy a majority stake in Hong Kong-listed ChinaVision Media Group, ChinaVision said yesterday.
In a filing to the Hong Kong stock exchange where it is listed, ChinaVision said it had agreed to sell about 12.5 billion new shares to Alibaba for HK$6.2 billion (US$800 million). That will amount to 60 percent of the company’s enlarged share capital, giving Alibaba majority control of the firm, which describes itself as “an integrated cultural corporation with business focus on TV and film production, print media and mobile new media.”
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