(Yicai Global) Nov. 1 -- China's e-commerce giant Alibaba Group Holding Ltd. [NYSE:BABA] is to establish their Alibaba Culture and Entertainment Group with an investment of over 10billion yuan (USD1.5 billion). Alibaba will manage its culture and entertainment affiliates through the new company.
Mr. Yu Yongfu, partner of Alibaba, will become the chairman and CEO of the newly formed company, according to an email sent to employees by Alibaba CEO Daniel Zhang seen by Yicai Global.
Alibaba Culture and Entertainment Group will comprise Youku Tudou Inc., one of China's most popular video sharing sites, UCWeb Inc., the most popular web browser in India, Alibaba Pictures Group Ltd., Alibaba Music Group and Alibaba Sports Group, Mr. Zhang said in the email.
Youku Tudou CEO Victor Koo will be responsible for establishing and managing the 10billion yuan culture and entertainment industry fund.