Alibaba completes takeover of ChinaVision

Alibaba completed its purchase of a 60 percent stake in Hong Kong-listed ChinaVision Media Group as it continues expanding its influence in the culture and entertainment industry.

ChinaVision Media will change its name to Alibaba Pictures Group, ChinaVision said in a stock exchange filing today.

Alibaba recently agreed to purchase a 16.5 percent stake in US-listed online video website Youku Tudou Inc.

In March, Alibaba said it was buying HK$6.2 billion (US$800 million) worth of new shares to take a 60 percent stake in the enlarged share capital of ChinaVision.

Alibaba will also assign three members to the executive board, including actor and martial artist Jet Li as an independent, non-executive director.

Alibaba chief risk officer Shao Xiaofeng will become executive director of the company while Liu Chunning, head of the digital entertainment division, is to be appointed a non-executive director.

The company said earlier it wants to combine its vast amount of e-commerce data, including the spending behavioral patterns of online shoppers, with the cultural and entertainment industry.