An investment vehicle controlled by the founders of Alibaba Group Holding agreed to buy a 20% stake for US$1.05 billion in Wasu Media Holding (000156.SHE), a Chinese internet-TV company, marking the e-commerce’s giants inroads into the digital-content market, The Wall Street Journal reported. Wasu holds a license to operate an Internet-TV service in China. As part of the deal, the two companies would develop digital content together and help attract more users to Alibaba’s online service platforms. News of the purchase comes as Alibaba continues its buying spree ahead of its IPO in New York.
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