LINE

Text:AAAPrint
Business

Alibaba Group invests in Wanda Film

1
2018-02-06 08:56:40Xinhua Mo Hong'e ECNS App Download

China's e-commerce powerhouse Alibaba has inked a deal to purchase shares of Wanda Film under China Wanda Group.

According to the strategic deal on Monday, Alibaba and Cultural Investment Holdings Co. Ltd. agreed to buy 12.77 percent of Wanda Film's shares at the price of 51.96 yuan (8.27 U.S. dollars) per share.

Alibaba became Wanda Film's second biggest shareholder with an investment of 4.68 billion yuan, while Cultural Investment Holdings Co. Ltd. came in third place with 3.12 billion yuan.

According to the deal, Alibaba and Wanda Film will cooperate with each other strategically based on their rich resources in cultural and entertainment businesses, and on their advantages in film consumption.

Alibaba has increased investment in cultural and entertainment businesses in recent years. In 2016, the company founded the Alibaba Digital Media and Entertainment Group, which focuses on films, music, literature and games.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.