Date
22 November 2017
Lost in Thailand was a major box office hit for Enlight Media at the end of 2012. Photo: Internet
Lost in Thailand was a major box office hit for Enlight Media at the end of 2012. Photo: Internet

Alibaba pushing further into showbiz

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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