China’s Tencent Pictures Seeking New Hollywood Acquisitions

Alibaba Pictures Group and Dalian Wanda Group have been spending big to acquire Hollywood companies, in their quest to make homegrown movies and capture a bigger portion of that nation’s huge box office. Now, Tencent Pictures, the film unit of China’s biggest Internet company, has joined that fraternity, with chief executive officer Edward Cheng saying acquisition targets could be in Hollywood and include creative and/or production companies. China’s box office is projected to reach $10.4 billion in 2017. Continue reading China’s Tencent Pictures Seeking New Hollywood Acquisitions

Alibaba Expands Alipay, Creates Media Entertainment Group

China’s Ant Financial Services Group, an affiliate of Alibaba Group Holdings, is building a global network of merchants that accept its payment services via the Alipay mobile payments app. Ant Financial just announced a partnership with the online-payments arm of Thai conglomerate Charoen Pokphand Group, meaning that Chinese tourists can use their familiar payment app there. Alibaba has also launched its new Digital Media and Entertainment Group as the company continues its push into movies, online video, music, gaming and more. Continue reading Alibaba Expands Alipay, Creates Media Entertainment Group