Alibaba buying media company ChinaVision for $804M

Mar 12, 2014

Chinese e-commerce giant Alibaba is expanding into media by acquiring control of a Hong Kong film and television company, ChinaVision, for $804 million.

Alibaba Group will buy new shares giving it a 60 percent stake in the TV company, ChinaVision Media Group Ltd. said Wednesday in a statement. Alibaba is allied with two ChinaVision board members whose stake is diluted to about 11 percent from 27 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 Internet users.

ChinaVision produces Chinese-language films and television programs and has a unit that develops content for mobile phones.

Alibaba rival Tencent Holdings Ltd. owns 8 percent of ChinaVision, which will be reduced to 3 percent after additional shares are issued as part of the latest investment, according to the statement issued through the Hong Kong Stock Exchange.

Alibaba, based in the eastern city of Hangzhou, near Shanghai, makes most of its revenue from operating online commerce platforms for businesses and consumers. It has expanded into , online finance services and other businesses.

Explore further: Reports: Alibaba drops HK IPO plan, looks to US

More information: Alibaba Group: www.alibaba.com

ChinaVision: www.chinavision.hk

1 /5 (2 votes)
add to favorites email to friend print save as pdf

Related Stories

WeChat: China's popular mobile messaging app

Feb 20, 2014

As Facebook snaps up smartphone messaging service WhatsApp for a monumental $19 billion in cash and shares, focus has turned to its rivals. Here are some background facts about China's popular mobile messaging applicatio ...

China e-commerce firm Alibaba in privatization bid

Feb 21, 2012

(AP) -- Alibaba.com's parent company wants to take the Chinese e-commerce company private for $2.5 billion, the firms said Tuesday, part of a shift in business strategy that also includes plans to buy back a stake from Yahoo ...

China fund may help Alibaba in Yahoo! bid: report

May 25, 2012

China Investment Corporation is in advanced talks to add up to $2 billion to the Alibaba Internet Group's efforts to buy back a stake from struggling Internet pioneer Yahoo!, the New York Times reported.

Alibaba.com $2.5B privatization bid approved

May 25, 2012

(AP) -- Chinese e-commerce firm Alibaba Group's $2.5 billion bid to take its Hong Kong-listed unit private was cleared Friday by minority shareholders, easing the way for CEO Jack Ma to gain more control over his company's ...

Recommended for you

China's Alibaba plans IPO for week of September 8

18 hours ago

Chinese e-commerce giant Alibaba plans to hold its initial public offering on the US stock market the week of September 8, the Wall Street Journal reported Saturday, citing a person familiar with the matter.

Tablet sales slow as PCs find footing

19 hours ago

Tablets won't eclipse personal computers as fast as once thought, according to studies by market tracker International Data Corporation (IDC).

Chinese e-commerce rivals challenge Alibaba (Update)

Aug 29, 2014

China's biggest property developer, Wanda Group, and Internet giants Baidu and Tencent unveiled a new e-commerce venture Friday in a challenge to industry leader Alibaba Group ahead of its U.S. stock offering.

User comments : 0