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Alibaba Pictures Group said Wednesday that it has entered into an agreement with its parent, Chinese e-commerce giant Alibaba Group, to acquire two movie-related businesses for approximately $520 million in cash.
The acquisition will be funded by the company’s internal resources.
The businesses acquired are Taobao Movie, an online movie ticketing platform, and Yulebao, a financing and investment platform for movie and other entertainment content. “The acquisition will advance Alibaba Pictures’ strategic vision of creating an innovative, integrated online and offline value chain to provide demand driven entertainment experience for customers,” the company said.
It added: “The user base on Taobao Movie’s robust ticketing platform and the innovative Yulebao business will complement and strengthen Alibaba Pictures’ core competence.”
Alibaba Pictures has a separate stock market listing from Alibaba.
“By integrating Taobao Movie and Yulebao into Alibaba Pictures, we will develop an innovative business model that encapsulates the entire industry value chain – beginning with the production of content demanded by users, letting users fund those projects, marketing and distribution as well as a cinema services platform. We believe we will continue to play an important role in implementing Alibaba Group’s entertainment strategy in movie, television and other entertainment businesses,” said Alibaba Pictures CEO Zhang Qiang.
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