Jun 04, 2015 03:06 PM

Alibaba Said to Buy 30 Pct Stake in Financial Media Outlet

By staff reporters Jiang Fei and Wang Xiaoqing

(Shanghai) – The e-commerce giant Alibaba Group Holding Ltd. will take a 30 percent stake in China Business Network (CBN) in a deal worth from 2.5 billion yuan to 3 billion yuan, a source with knowledge of the matter says.

Alibaba Group bought the stake in the financial media outlet through a new firm, the source said, and the deal is intended help the e-commerce giant extend its reach into financial services.

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