Alibaba Drops $383 Million on Chinese Film and Entertainment Company

E-commerce giant’s purchase of Enlight Media continues trend of purchasing entertainment companies

Alibaba, the Chinese e-commerce firm, has struck a deal to pay $382 million for a major stake in Enlight Media, a premier film and TV production network in China.

According to an Enlight stock exchange filing, the venture capital unit of Alibaba—Hangzhou Ali Venture Capital—purchased the share at 24.22 yuan per piece (3.83 in dollars) in private placement.

The purchase of the film and TV company continues the e-commere giant’s jump into entertainment: last year, Alibaba spent $800 million for a majority stake in Chinese film studio ChinaVision Media Group, which is now Alibaba Pictures Group.

Yahoo recently made a big move with its Alibaba holdings. In January, Yahoo’s board of directors authorized a plan for a tax-free spin off of its Alibaba Group Holding into a separate company—titled SpinCo — whose shares will be distributed pro rata to Yahoo stockholders.

After the spinoff, Yahoo still holds its 35.5 percent interest in Yahoo Japan, the company said on Tuesday. SpinC owns Yahoo’s remaining 384 million shares of Alibaba, which are valued at $40 billion at the end of January.

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