Alibaba Holdings Group Ltd. has lined up a fund worth approximately $1.48 billion (10 billion yuan) to invest in digital media and entertainment projects, according to Reuters. As part of the initiative, Alibaba plans to reorganize and consolidate its content divisions, better positioning the Hangzhou-based conglomerate to compete in streaming video.
The new division will also encompass sports, games, and music. Its formation is in keeping with current media trends toward bigger-is-better consolidation, as companies jockey for position alongside giants like Amazon and Facebook. AOC