Alibaba leads US$1.24b investment in film unit of China's Wanda
Beijing
CHINA'S Dalian Wanda Group is selling a US$1.24 billion stake in its listed film unit to a pair of investors led by Alibaba Group Holding Ltd, as the conglomerate looks to bring in strategic partners and raise new funds.
The property-to-entertainment firm will sell the combined 12.77 per cent in Wanda Film Holding Co Ltd to e-commerce giant Alibaba and state-backed Cultural Investment Holdings Ltd for a total of 7.8 billion yuan (S$1.64 billion).
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
London watchdog’s name-and-shame plan is mad, bad and dangerous to the City
Foxconn’s musical chairs sound like punk rock
AI fuels cloud computing boom for tech giants
AMD slides after AI chip forecast misses lofty estimates
IBM wins reversal of US$1.6 billion poaching award to BMC
Binance founder Zhao Changpeng gets 4 months in prison