Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

Alibaba Leads $1.2 Billion Investment In Wanda Films

E-commerce giant, Alibaba along with Beijing Cultural Investment have bought a total of 12.8% stake in Wanda Film Holding Co Ltd for $1.2b. According to reports, Alibaba is to pay 4.68 billion yuan for a 7.66 percent stake while Beijing Cultural Investment Holdings, controlled by the Beijing government, will pay 3.12 billion yuan for a 5.11 percent stake.

Alibaba and Cultural Investment agreed to pay 51.96 yuan a share, in-line with the 52.04 yuan last closing price in July.

Investing in Wanda could help Alibaba founder Jack Ma play a larger role in China’s film industry, forecast to become the world’s largest box-office by 2020. In 2016, Alibaba Pictures Group Ltd. bought a stake in Amblin Partners, the outfit backed by Steven Spielberg to work together on production, marketing and distribution both globally and in China.

Billionaire Ma is competing with Tencent Holdings Ltd.’s Pony Ma Huateng, as both invest in movie and TV production. In addition to the investments, Wanda Film will cooperate with Alibaba and Cultural Investment in areas including film distribution, marketing, financing as well as pre-screening advertising and online ticketing, according to the filing.

Wanda Film owns and operates about 500 theatres and 4,000 screens on the mainland. The investment could open the door to future partnerships between Alibaba and Wanda’s other showbiz units, such as Hollywood production company Legendary Entertainment, and may expand the e-commerce company’s data bank through access to Wanda’s film-goers and their customer data.



This post first appeared on Innovation Village, please read the originial post: here

Share the post

Alibaba Leads $1.2 Billion Investment In Wanda Films

×

Subscribe to Innovation Village

Get updates delivered right to your inbox!

Thank you for your subscription

×