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Report: Alibaba affiliate to inject $7.2B in content

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Report: Alibaba affiliate to inject $7.2B in content

Alibaba Digital Media and Entertainment Group, the entertainment affiliate of Alibaba Group Holding Ltd., will inject more than 50 billion Chinese yuan, or US$7.2 billion, in content over the next three years, Reuters reported Dec. 28, citing an internal email by affiliate's new CEO Yu Yongfu.

While confirming the news, a spokeswoman for Alibaba Group declined to give further details about the proposed investment. It also remains to be seen whether this investment will include the previously disclosed 10 billion-yuan fund for new projects.

According to a report in October, Alibaba consolidated its media and entertainment businesses under one umbrella. The newly formed Alibaba Digital Media and Entertainment Group includes online video portal Youku Tudou Inc., UCWeb Inc. and Alibaba Pictures Group, as well as the Chinese conglomerate's sports, games, literature, music and digital entertainment units.

As of Dec. 27, US$1 was equivalent to 6.95 Chinese yuan.