China's Alibaba Poised To Invest $7.2 Billion in Entertainment and Media (variety.com)

Alibaba Digital Media and Entertainment, part of Chinese e-commerce giant Alibaba, is planning to invest $7.2 billion in entertainment and media over the next three years. From a report on Vulture, submitted by an anonymous reader: The plan is being spearheaded by Yu Yongfu, who joined the Alibaba parent group in 2014, and in a meteoric rise has come to head the digital group. He also recently took over as chairman and CEO of Alibaba's listed film making subsidiary Alibaba Pictures group. A former financier with Legend Capital and seasoned technology executive, Yu said in the email that he "did not come to play." He pledged to invest in content.