Alibaba buys out online ticketing platform Damai


Reuters

UPDATE 1-Alibaba buys out online ticketing platform Damai


(Adds Alibaba comment)
    SHANGHAI, March 21 (Reuters) - China'sAlibaba Group Holding
Ltd <BABA.N> has fully acquired online ticketing platform
Damai.cn, the e-commerce giant said on Tuesday, marking a
further push into entertainment by the firm as it expands beyond
its core online retail business.
    "Ali announces its acquisition of Damai, part of our big
entertainment strategy," the firm said on its Sina Weibo
platform. Alibaba first invested in Damai in 2014. "This
continues an earnest three-year romance."
    In a separate post Damai said it was happy to join the
"Alibaba family". It also reposted a statement from a senior
Alibaba executive saying this meant Alibaba now owned 100
percent of the firm.
    Alibaba said in a statement to Reuters that the full
acquisition of Damai "fits nicely into our 'health and
happiness' strategy and forms a strategic part of the value
chain in our media and entertainment business."
    "Damai.cn will be a powerful platform to distribute our
media content as well as expand our user reach and engagement,"
Alibaba said, adding there would be synergies with its own
entertainment units Alibaba Music, Alibaba Pictures and Youku.



 (Reporting by Adam Jourdan; Editing by Stephen Coates)
 ((adam.jourdan@thomsonreuters.com; +86 21 6104 1778; Reuters
Messaging: adam.jourdan.thomsonreuters.com@reuters.net))

Keywords: DAMAI M&A/ALIBABA (UPDATE 1)



This article appears in: Economy , Stocks , World Markets , World Markets , Stocks
Referenced Symbols: BABA


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