18 August 2019

Alibaba buys controlling stake in ChinaVision Media, filing says

TV and film producer ChinaVision Media Group Ltd. (01060.HK) said in an exchange filing Tuesday night that Alibaba Investment Ltd. has agreed to acquire a 60 percent stake in the company for HK$6.24 billion (US$804.40 million) via subscription to new shares. The acquisition comes a month or so after Alibaba bought into content service provider CITIC 21CN (00241.HK). Alibaba Group chairman Jack Ma has said that culture, education and health care are three key components for the group’s growth, the Shanghai Securities News reported Wednesday.

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