Alibaba to invest $7.2 billion over next 3 years

Alibaba Digital Media and Entertainment Group an entertainment affiliate to the group reportedly plans to invest more than 50 billion yuan ($7.2 billion approx.) in coming three years.

alibaba

The affiliate’s chief executive confirmed the news.

In an Internal email, Affiliate’s new CEO, Yu Yongfu affirms to invest in content, saying “he didn’t come to play”.

Yu Yongfu became chairman and chief executive of the company in October and is a former CEO of Alibaba unit UCWeb Inc.

This group spokeswoman declined to give more specific details on the affiliate’s investments.

Alibaba’s entertainment business underwent a major reorganization in October, marking a total consolidation of the company’s media assets.

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