Alibaba to Split into 6 Companies to Create Digital Media Entertainment Group – The Hollywood Reporter

Alibaba’s digital media and entertainment group to be led by Fan Luyuan

Alibaba Pictures Group

Alibaba Group Holding, the technology conglomerate of Chinese billionaire Jack Ma, said on Tuesday it would split into six groups, including an entertainment business, each of which would be “managed independently by its own chief executive and board of directors”.

Yong Zhang will serve as CEO and chairman of the holding company, reminding some observers of Google’s creation of Alphabet as an umbrella company for its various businesses.

A day after news of Alibaba’s reorganization broke wall street journal ReportCiting people familiar with the matter, Ma Yun returned to mainland China after spending about a year abroad. His return comes as Beijing seeks to boost business confidence after years of COVID-19 restrictions and regulatory crackdowns. In 2021, there were reports that the Chinese government asked Alibaba sell its collection media assets.

Film studio Alibaba Pictures, video streaming service Youku “and other businesses” will be part of the new entertainment business, dubbed Digital Media and Entertainment Group, the company said in a regulatory filing. Fan Luyuan will serve as CEO.He previously served as CEO Joined Ali Pictures, headquartered in Beijing, since 2017.

The new organizational and governance structure aims to “make all our businesses more agile, enhance decision-making capabilities, respond faster to market changes, and promote innovation to seize opportunities in their respective markets and industries, thereby unlocking various values ​​​​of Alibaba Group business,” the company said. “Except for the Taobao Tmall business group, which will remain wholly owned by Alibaba Group, each business group will also have the flexibility to raise external funding and potentially pursue its own IPO.”

Taobao is Alibaba’s online shipping business. The other four new companies are cloud intelligence business group (including cloud, AI, DingTalk, etc.), local service business group (including AutoNavi, Ele.me, etc.), global digital business group (including Lazada, Global AliExpress, etc.) Tongtong, Trendyol, Daraz, Alibaba, etc.), and Cainiao Smart Logistics.