Alibaba Group Holding Ltd. is buying a US$382 million minority stake in Chinese movie production company Beijing Enlight Media Co., furthering its push into show business, The Wall Street Journal reported.
Enlight Media said in a filing with the Shenzhen Stock Exchange it sold 2.4 billion yuan of shares to Hangzhou Ali Venture Capital Co., an Alibaba subsidiary.
It said it is selling a further 400 million yuan of shares to Shanghai Enlight Investment Holdings Co., of which the chairman of Enlight Media is a majority shareholder.
Alibaba has acquired stakes in entertainment firms as it tries to increase the content it offers, which it hopes will draw more users and generate revenue.
China’s biggest e-commerce firm is competing with other Chinese rivals, such as online games and social networking giant Tencent Holdings Ltd. (00700.HK), in amassing entertainment content through licensing and other arrangements.
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