Alibaba Group invests in Wanda Film

Updated 2018-02-06 09:12:05 Xinhua

China's e-commerce powerhouse Alibaba has inked a deal to purchase shares of Wanda Film under China Wanda Group.

According to the strategic deal on Monday, Alibaba and Cultural Investment Holdings Co. Ltd. agreed to buy 12.77 percent of Wanda Film's shares at the price of 51.96 yuan (8.27 U.S. dollars) per share.

Alibaba became Wanda Film's second biggest shareholder with an investment of 4.68 billion yuan, while Cultural Investment Holdings Co. Ltd. came in third place with 3.12 billion yuan.

According to the deal, Alibaba and Wanda Film will cooperate with each other strategically based on their rich resources in cultural and entertainment businesses, and on their advantages in film consumption.

Alibaba has increased investment in cultural and entertainment businesses in recent years. In 2016, the company founded the Alibaba Digital Media and Entertainment Group, which focuses on films, music, literature and games.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58February 21 2018 19:07:04

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16February 21 2018 19:07:04

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18February 21 2018 19:07:04

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords