Alibaba Takes Control of Money-Losing Film Group in $160 Million Purchase

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By Tang Ziyi / Dec 10, 2018 11:44 AM / Business & Tech

Photo: VCG

Alibaba’s entertainment subsidiary Alibaba Pictures will issue 1 billion new shares to Alibaba at HK$1.25, in exchange for around HK$1.25 billion ($160 million), making Alibaba the largest shareholder of the company, it announced Monday.

Alibaba Pictures' shares rose 8.94% in Hong Kong on Monday. Alibaba will control 50.92% of Alibaba Pictures shares, up from 49% after the transaction closed.

Alibaba Pictures reported earlier that its net loss narrowed from 430.8 million yuan ($62 million) in the first half of last year to 154.5 million in the same period this year.

Alibaba Pictures said the capital will be spent on attracting more customers, as well as sales and market promotion costs. It will also strengthen its cooperation with Alibaba's digital and entertainment arm, including video streaming platform Youku.

The CEO of Youku last week was under investigation on suspicion of corruption.

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