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Alibaba Cleared to Buy $946 Million Stake in Mango TV

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variety.com
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Rebecca Davis editorChinese regulators have approved a deal for Alibaba’s investment arm to buy 5.26% of Mango Excellent Media for $946 million (RMB6.2 billion), tying together two of the country’s top online video platforms at a time when the battle for local streaming supremacy is ramping up.Alibaba owns Youku, China’s number three streaming platform, while TV producer Mango Excellent — which has ties to the influential state-run TV network Hunan Broadcasting System — owns the immensely popular Mango TV service.

The deal makes Ali Venture Capital the second-largest shareholder in the latter firm, and marks the first major investment by a privately owned tech firm in one of China’s top state-owned online broadcasters, notes the Caixin.

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