Chinas largest e-commerce company Alibaba Group Holding has agreed to buy a controlling stake in ChinaVision Media Group Ltd for $804 million, giving it access to TV and movie content as competition in the worlds biggest Internet market becomes increasingly cutthroat. The pact, which sent ChinaVisions stock surging, comes amid a flurry of deals as Alibaba, social media giant Tencent Holdings Ltd and search engine Baidu Inc seek to expand into each others turf. This week Tencent said it was taking a stake in Chinas No. 2 online retailer JD.com, with the new partnership gunning for Alibabas Achilles heel – its weakness in mobile. ChinaVision and Alibaba said they will establish a strategic committee to explore future opportunities in online entertainment and media-related areas.
Alibaba buys ChinaVision stake for $804 million; gains TV, movie content
12
Mar
2014
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