Alibaba is set to launch a fund aimed at China's media industry as it also explores the creation of a new subsidiary that would support the digitisation of the cultural sector.
E-commerce company Alibaba Group is planning to raise a RMB10bn ($1.48bn) fund targeting China’s entertainment and cultural sectors, according to Chinese media reports, which cited an internal letter by CEO Daniel Zhang.
The fundraising efforts will be led by Gu Yongqiang, previously chief executive of video streaming platform Youku Tudou, which Alibaba acquired in November 2015 for $4.4bn. His replacement at Youku has not yet been named.
News of the fund’s possible establishment came alongside the formation today of an…
