Alibaba Entertainment Affiliate to Invest Over $7.2B

According to Alibaba Digital Media and Entertainment Group's chief executive, the affiliate to of Alibaba Group Holding, plans to invest more than $7.2 billion over the next three years.In an internal email confirmed by an Alibaba group spokeswoman, the affiliate's new CEO Yu Yongfu pledged to invest in content, saying "he didn't come to play." Yu, former CEO of Alibaba unit UCWeb Inc, has also become the chairman and chief executive of the new operation. It has not been made clear, whether the investment figure includes a previously disclosed fund for new projects in the unit. http://feeds.reuters.com/~r/reuters/entertainment/~3/uJ8qO0l0DW4/us-alibaba-entertainment-idUSKBN14H0UV http://www.wochit.com This video was produced by YT Wochit News using http://wochit.com