BEIJING Alibaba Digital Media and Entertainment Group, the stimulation associate of Alibaba Group Holding Ltd <BABA.N>, arrangements to contribute more than 50 billion yuan ($7.2 billion) throughout the following three years, the offshoot's CEO said.
In an inner email seen by Reuters and affirmed by an Alibaba bunch representative, the partner's new CEO Yu Yongfu promised to put resources into substance, saying "he didn't come to play."
Alibaba's stimulation business experienced a noteworthy rearrangement in October, denoting an aggregate solidification of the organization's media resources.
In the meantime, Yu, previous CEO of Alibaba unit UCWeb Inc, turned into the administrator and CEO of the new operation.
It was not quickly clear whether the 50 billion yuan figure incorporates a formerly revealed a 10 billion yuan support for new undertakings in the unit.
The Alibaba assemble representative declined to give more particular points of interest on the member's speculations.
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