Technology
China's largest e-commerce company Alibaba Group Holding has agreed to buy a controlling stake in ChinaVision Media Group Ltd for $804 million, giving it access to TV and movie content as competition in the world's biggest Internet market becomes increasingly cutthroat. The pact, which sent ChinaVision's stock surging, comes amid a flurry of deals as Alibaba, social media giant Tencent Holdings Ltd and search engine Baidu Inc seek to expand into each other's turf.
Background:
Alibaba buys ChinaVision stake for $804 million; gains TV, movie content [Reuters]
China media entrepreneur's fortune soars on Alibaba investment [Forbes]
