Alibaba Buys $383 Million Stake in Chinese TV Producer

BEIJING: Alibaba Group Holding has invested 2.4 billion yuan ($382.67 million) in Beijing Enlight Media, a TV program producer.

Enlight Media said in a filing on the Shenzhen Stock Exchange that it sold 2.4 billion yuan worth of shares to Hangzhou Ali Venture Capital Co., a subsidiary of Alibaba Group. It said it is selling another 400 million yuan ($63.7 million) of shares to Shanghai Enlight Investment Holdings, of which the chairman of Enlight Media is a majority shareholder.

The move follows investments by Alibaba worth more than $3.1 billion in the entertainment industry last year, including stakes in online video streaming sites, Internet TV hardware, film production and video games.