Alibaba Buys $383 Million Stake in Film Producer Enlight

Bloomberg: Alibaba has purchased a 2.4 billion yuan ($383 million) stake in Chinese film company Beijing Enlight Media, as the e-commerce giant expands its television and entertainment offerings. Alibaba has been hunting for entertainment content through tours in Hollywood. China’s online video market is expected to more than double to 90 billion yuan in 2018 from an estimated 36 billion yuan this year. Enlight Media, which is known for its film “Lost in Thailand,” also produces local TV shows including “Top Chinese Music” and “Chinese Entertainment Reports.”