Alibaba Reshuffles Entertainment Units, To Raise 10 Billion Yuan Fund

Alibaba Holdings Group Ltd. (BABA.N) said on Monday it has reorganized its media and entertainment businesses to form one group headed by mobile business group head Yu Yongfu.

The company also said it plans to raise more than 10 billion yuan ($1.48 billion) for an affiliated investment fund.

As part of the reshuffle Victor Koo will step down as CEO of Alibaba’s video streaming service Youku Tudou and oversee the new fund, an Alibaba spokeswoman told Reuters, confirming the details of a leaked internal email.

The new Alibaba Digital Media and Entertainment Group will also include Alibaba Pictures Group Ltd. (1060.HK)

Yu will keep his previous positions as head of AutoNavi and Alibaba Mobile Business Group.

REUTERS