Alibaba Digital Media and Entertainment Group, Alibaba’s entertainment affiliate, is planning to invest more than $7.2 billion (RMB50 billion) in entertainment over the next three years.
According to Reuters, an internal email said the affiliate’s new CEO Yu Yongfu pledged to invest in content, adding that “he didn’t come to play.”
Yongfu joined the Alibaba parent group in 2014 and recently took over as chairman and CEO of Alibaba’s film group, Alibaba Pictures. According to Reuters, the company’s entertainment business underwent a major reorganization in October with the company consolidating its media assets.
In October, Alibaba Pictures acquired a minority equity stake in Steven Spielberg‘s Amblin Partners, in what was being called a “comprehensive strategic partnership.” The agreement would have the team co-produce and finance films for global and Chinese audiences, in addition to joining forces on the marketing, distribution and merchandising of Amblin films in China.
Alibaba Pictures’ estimated market value as of June 2015 was $9.6 billion.
Representatives for Alibaba have not yet responded to TheWrap’s request for comment.