• Reuters, Monday, October 31, 2016 1:59 PM

In what Reuters calls “a major reorganization of the company’s entertainment assets,” Alibaba just announced the formation of a new digital media group. “The move marks a total consolidation of Alibaba's media businesses, including Youku Tudou Inc., UCWeb Inc. and Alibaba Pictures Group Ltd. as well as the company's sports, games, literature, music and digital entertainment divisions,” Reuters reports. The Chinese tech giant also announced plans for a $1.48 billion fund for new projects.

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