Alibaba pays USD 804 mln for majority stake in ChinaVision

Thursday 13 March 2014 10:21 CET | News

Alibaba, a Chinese ecommerce provider, has agreed to spend USD 804 million (HKD 6.24 billion) for a 60% stake in TV and film producer ChinaVision. The purchase is part of Alibaba’s agenda to boost its digital entertainment strategy.

Alibaba has been on the lookout for diversifying its online services with a series of acquisitions and strategic alliances. Streaming video has become increasingly popular in China as mobile penetration increases and its majority stake in ChinaVision will allow Alibaba to offer more content across its different platforms.

Alibaba’s present deal takes place a month after it offered the mapping company AutoNavi Holding USD 1.13 billion for a total acquisition. However, the deal was closed for 28% stake of the latter company. Moreover, Alibaba bought an 18% stake in Sina Weibo in 2013 for the launch of a mobile payments platform.

In recent news, ChannelAdvisor, a provider of cloud-based ecommerce solutions, has added Chinese ecommerce provider Alibaba Group’s Tmall Global solution to its platform.

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Keywords: Alibaba, ChinaVision, digital entertainment, AutoNavi Holding, ecommerce, media
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce