Alibaba Group Holding Ltd., China’s biggest e-commerce firm, will pay about US$200 million for a 30 percent stake in China Business News, The Wall Street Journal reported, citing unnamed sources.
CBN is a financial TV and newspaper firm that is part of Shanghai Media Group.
The two firms plan to jointly develop a financial data service that can make use of Alibaba’s database of e-commerce statistics, such as sales trends, the report said.
Alibaba rolled out a new data service in April to allow local governments across China to search for all kinds of e-commerce-related statistics.
The Hangzhou-based firm also aims to turn its shoppers into investors.
It has started providing stock quotes and charts on the app of Alipay, an online payment service, and plans to put financial news and information there, the report said.
Alibaba, which has made a flurry of investments in media and entertainment in the past year, also plans to develop a new media incubator with CBN for media startups, it said.
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