[Reuters] Alibaba buys ChinaVision stake for $804 million; gains TV, movie content

Posted by: UGN Security

[Reuters] Alibaba buys ChinaVision stake for $804 million; gains TV, movie content - 03/12/14 05:30 AM

HONG KONG (Reuters) - China's largest e-commerce company Alibaba Group Holding has agreed to buy a controlling stake in ChinaVision Media Group Ltd for $804 million, giving it access to TV and movie content as competition in the world's biggest Internet market becomes increasingly cutthroat.