Alibaba founder, partners spending $1.05B on stake in TV firm
05:55 PM ET · ABABA
An investment group led by Alibaba (ABABA) founder Jack Ma is buying a 20% stake in Chinese TV network owner Wasu Media for RMB6.54B ($1.05B).
Alibaba will help finance the deal with a loan, and will also partner with Wasu to develop Internet TV services and other Web content.
Last month, the Chinese e-commerce giant spent $805M to buy a 60% stake in film/TV drama producer ChinaVision Media, as it tries to play catch-up in a Chinese online video market led by Youku, Baidu, Sohu, and Tencent.
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April 8th, 2014 at 10:18 pm
Alibaba founder, partners spending $1.05B on stake in TV firm
05:55 PM ET · ABABA