[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 - 03/11/14 10:30 PM

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.