'sAlibaba Pictures Group formed a $300 million fund to invest in the TV and film industry.

The studio divisionof e-commerce giant Alibaba GroupHolding Ltd. reportedly joined forces with Wuhu Gopher Asset Managementto launch the Hainan Alibaba Pictures Entertainment Industry Investment Fund, which"will focus on investment opportunities of high-quality companies" inthe entertainment industry, particularly in the areas of production development,marketing and distribution, advanced technology and celebrity resources.

Wuhu Gopherwill contribute $225 million to the fund, while Alibaba Pictures' contribution willbe $75 million, according to the report.