Troubled Chinese conglomerate Wanda announced Monday that e-commerce giant Alibaba has agreed to buy a stake in its cinema division for around $750 million, the latest sell-off by the heavily-indebted group. Wanda Film said in a regulatory filing that Alibaba will buy a 7.66 percent stake for 4.68 billion yuan, and a holding company controlled by the Beijing government will take 5.11 percent for 3.12 billion yuan (around $500 million), generating over $1.2 billion for the conglomerate. Last month, it raised $5.4 billion through a stake sale and retail link-up with several investors, including Chinese internet giant Tencent. Wanda Film owns 1,352 cinemas around the world with more than 14,000 screens — around 12 percent of the global box office, according to the Wanda Group website. Alibaba will now become the second-largest shareholder in the division, strengthening its position in China’s massive entertainment market.

Source: Punch February 05, 2018 14:15 UTC