Alibaba buying media company ChinaVision for $804mBy AP News Mar 12, 2014 12:58PM UTC
BEIJING (AP) — E-commerce giant Alibaba is expanding into media by acquiring control of a Hong Kong film and television company, ChinaVision, for $804 million.
ChinaVision Media Group Ltd. said Wednesday that Alibaba Group will buy additional shares raising the stake held by the company and others acting with it from 27 percent to 70.8 percent.
Alibaba and other Chinese Internet companies are spending heavily to expand beyond their core businesses into instant messaging, games and other areas to compete for China’s 618 million Web surfers.
ChinaVision produces Chinese-language films and television programs and has a unit that develops to be played on mobile phones.