Alibaba boosts entertainment business with 10 billion yuan fund

In a major reorganization of the company's entertainment assets, Alibaba Holdings Group Ltd. has announced the formation of a new digital media group along with plans for a 10 billion yuan ($1.48 billion) fund for new projects. The move marks a total consolidation of Alibaba's media businesses, including Youku Tudou Inc., UCWeb Inc. and Alibaba Pictures Group Ltd. as well as the company's sports, games, literature, music and digital entertainment divisions. Yu Yongfu, former CEO of UCWeb, will become the chairman and CEO of the newly formed Alibaba Digital Media and Entertainment Group, reporting directly to Alibaba CEO Daniel Zhang.

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