Alibaba Pictures joins $300 million investment fund
Updated: 2016-07-25 14:19
By NIU YUE In New York(chinadaily.com.cn)
Alibaba Pictures Group, a unit of Jack Ma's e-commerce giant Alibaba, announced on Monday that it is putting $75 million into a $300 million investment fund for the movie and television industry, according to Variety.
Alibaba Pictures is partnering with China-based Wuhu Gopher Asset Management on the fund, to be called the Hainan Alibaba Pictures Entertainment Industry Investment Fund. Wuhu Gopher is putting in the remaining $225 million, the trade publication reported.
The companies did not say whether the fund would exclusively target Chinese investments, or if international films and firms might be on its list, according to Variety.
The partners said in a statement that they would make "investments in companies along the value chain of the movie and television entertainment industry, creating synergies with Alibaba Pictures' own capital."
The announcement of the investment fund comes three days after Alibaba Pictures warned that its half-year losses will increase. The company blamed increased marketing costs at its online cinema ticketing business Tao Piao Piao, previously known as Taobao Movies. The losses are estimated at between $52-$58 million.
Alibaba Pictures has invested in Teenage Mutant Ninja Turtles: Out of the Shadows, Star Trek Beyond and Mission: Impossible – Rogue Nation, and is partnered with Skydance Media to finance and co-produce the WWII film Flying Tigers. It has also invested in three Chinese movies that are in production — Ferry Man, Three Lives Three Worlds Ten Miles of Peach Blossom and Ao Jiao Yu Pian Jian.
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