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.
7 Movies That Hollywood Changed for China (Photos)
Marvel Studios will release an alternate version of “Iron Man 3” in China featuring China’s leading movie star Fan Bingbing and special bonus footage.
In the Chinese version of "The Karate Kid," local school children don't pick on the young hero until they are provoked.
The army that invades America in MGM's 2012 "Red Dawn" remake was changed from Chinese to North Korean.
Among the changes Sony made in the latest James Bond film, “Skyfall,” was the removal of a scene in which a Chinese security guard was assassinated.
Several scenes of sex and violence -- totalling nearly 40 minutes -- were removed from "Cloud Atlas" before it could play China.
Scenes set in Chinatown were removed before "Men in Black 3' debuted on the Mainland.
Kate Winslet's nude scene didn't make it into the "Titanic 3D," which broke box-office records in China, .
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To gain access to the booming Chinese movie market, U.S. studios have been willing to make content changes
Marvel Studios will release an alternate version of “Iron Man 3” in China featuring China’s leading movie star Fan Bingbing and special bonus footage.
