Alibaba Pictures and video streamer Youku will be part of the entertainment business.
Chinese billionaire Jack Ma’s technology conglomerate Alibaba Group Holding is splitting into six groups, including an entertainment business, with each of them set to be “independently managed by its own chief executive officer and board of directors,” the company said on Tuesday.
Daniel Zhang will serve as CEO and chairman of the holding company, which reminded some observers of Google’s creation of Alphabet as the umbrella company for its various businesses., citing people familiar with the situation, that Ma had returned to mainland China after spending about a year abroad. His return comes at a time when Beijing is looking to boost business confidence after years of COVID-19 restrictions and regulatory crackdowns.
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