Quick Take: Youku Tudou Employees to Join Alibaba Pictures
Youku Tudou, the major video streaming website owned by Alibaba Group Holding Ltd., will be pooling resources with the film production arm of its parent company, Alibaba Pictures.
The video company’s CEO, Yu Yongfu announced the move in letter to employees on Tuesday. Youku employees will be joining Alibaba Pictures’ team.
The cooperation will give Alibaba Pictures priority rights to invest and develop titles, as well as the rights to existing online film franchises owned by Youku Tudou. The two will jointly establish a talent agency and work together in film distribution.
Alibaba completed the buyout of video-streaming giant Youku Tudou in April for $4.2 billion. The e-commerce giant has made multiple forays into filmmaking, including purchasing 1 billion yuan ($145 million) worth of convertible bonds from China’s third-largest theater chain, Dadi Cinemas, and buying an undisclosed stake in Amblin Entertainment, the U.S. production company founded by Steven Spielberg.
After nearly two years of expansion and acquisitions in the movie industry, “Alibaba Pictures owns a considerably large number of film-making infrastructure. The next stage is about upgrading to produce quality content,” a company spokesperson told Caixin.
Contact reporter April Ma (email@example.com)
Jan 24 06:56
Jan 24 06:01
Jan 24 02:16
Jan 23 18:30
Jan 23 16:00
Jan 23 10:48
Jan 23 05:58
Jan 23 03:49
Jan 23 03:41
Jan 23 03:09
Jan 22 15:44
Jan 22 06:31
Jan 22 03:47
Jan 22 03:06
Jan 21 17:02
- 1Wuhan Virus Latest: Malaysia, Nepal, Australia, France Confirm First Cases of Infection
- 2Reporter’s Note: We Stayed in Wuhan as the Last Trains Pulled Out
- 3Wuhan Virus Update: Health Expert Warns of ‘Super-Spreader’ of Viral Pneumonia
- 4How Did Two Women Drive a Luxury SUV Into the Forbidden City?
- 5After Layoffs, Oracle Executive Vows to Stay in China
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas