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Alibaba Pictures Buys Variety Show Producer Yinhekuyu

09.07.2020 - 12:17

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variety.com:

Alibaba Pictures, the stock market-listed film subsidiary of Chinese tech giant Alibaba, is to pay $57 million (RMB400 million) for a majority stake in variety show producer Tianjin Yinhekuyu.

The company said that the purchase of loss-making Yinhekuyu will help it to build up its own variety show production team and enable greater collaboration with its other businesses.

These include ticketing and promotion unit Tao Piao Piao and Alifish, its derivative products unit. Yinhekuyu is already 20% controlled by Alibaba’s Youku streaming platform and 12% by a Yunfeng, a private equity fund previously associated with Alibaba co-founder Jack Ma.

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