Alibaba leads $1.24 billion investment in film unit of China’s Wanda
BEIJING/SHANGHAI (Reuters) – Dalian Wanda Group is selling a $1.24 billion stake in its listed film business to a pair of investors led by Alibaba Group Holding Ltd (BABA.N), as the conglomerate looks to bring in strategic partners and raise new funds. The property-to-entertainment firm will sell the combined 12.77 percent in Wanda Film Holding Co Ltd to e-commerce giant Alibaba and state-backed Cultural Investment Holdings Ltd for a total of 7.8 billion yuan (£1 billion). The move, hot on the heels of a separate deal to bring in investors to its commercial property unit, highlights a major shift by Wanda towards a streamlined, “asset light” model, amid a broad crackdown in China on high levels of corporate debt.
Source:: https://finance.yahoo.com/news/alibaba-another-firm-jointly-invest-095100823.html
