Alibaba restructures entertainment arm, mulls investment fund | OTT | News | Rapid TV News
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Chinese e-commerce giant Alibaba is consolidating its media and entertainment businesses and planning a ¥10 billion (US$1.48 billion) fund to finance new projects, according to media reports.

Alibaba Group logoYu Yongfu, head of Alibaba’s mobile operation, will oversee the newly integrated business, said Reuters.

Victor Koo will reportedly step down from his role as CEO of Alibaba’s video streaming service Youku Tudou and oversee the investment fund, which will spend money across Alibaba's digital media and entertainment divisions.

The Alibaba Digital Media and Entertainment Group will include movie arm Alibaba Pictures Group, Youku Tudou and the company’s digital entertainment, sports, games, literature and music units.

The move follows the announcement in July by Alibaba Pictures Group of a US$300 million fund to invest in companies involved in the movie and TV industry.

Alibaba has also recently forged a co-production and finance agreement with Steven Spielberg’s Amblin Pictures.