Alibaba Planning $1.48B Digital Media, Entertainment Investment Fund (Report)
The Chinese e-commerce giant also consolidates its media and entertainment businesses, with mobile unit head Yu Yongfu now overseeing the combined operation.
Chinese e-commerce giant Alibaba has reorganized its media and entertainment businesses, with mobile unit head Yu Yongfu now overseeing the combined operation, Reuters reported Monday.
The company, whose chairman is Jack Ma, is also planning to establish a 10 billion yuan, or $1.48 billion, affiliated investment fund that will help finance new projects, it said.
The company didn't comment on specific investments, saying the fund will spend money across Alibaba's digital media and entertainment businesses, according to the report.
Victor Koo will step down from his role as CEO of Alibaba's video streaming service Youku Tudou and oversee the fund.
The new Alibaba Digital Media and Entertainment Group will include the Alibaba Pictures Group film operation, Youku Tudou and more, including the company's sports, games, literature, music and digital entertainment divisions. Yu also will keep his titles as president of Alibaba units AutoNavi and Alibaba Mobile Business Group.
Alibaba fully acquired Youku Tudou last October in a $3.5 billion deal that took the Chinese online video powerhouse private and added to Alibaba's entertainment operations.
Alibaba recently also struck an agreement with Steven Spielberg's Amblin Pictures, agreeing to co-produce and finance films.