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Alibaba buys out online ticketing platform Damai

Reuters  |  SHANGHAI 

(Reuters) - China's Group Holding Ltd has fully acquired online ticketing platform cn, the e-commerce giant said on Tuesday, marking 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. first invested in in 2014. "This continues an earnest three-year romance."

In separate post said it was happy to join the "family". It also reposted statement from senior executive saying this meant now owned 100 percent of the firm.

said in statement to that the full acquisition of "fits nicely into our 'health and happiness' strategy and forms strategic part of the value chain in our media and entertainment business."

"cn will be powerful platform to distribute our media content as well as expand our user reach and engagement," said, adding there would be synergies with its own entertainment units Music, Pictures and Youku.

(Reporting by Adam Jourdan; Editing by Stephen Coates)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Alibaba buys out online ticketing platform Damai

SHANGHAI (Reuters) - China's Alibaba Group Holding Ltd 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.

(Reuters) - China's Group Holding Ltd has fully acquired online ticketing platform cn, the e-commerce giant said on Tuesday, marking 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. first invested in in 2014. "This continues an earnest three-year romance."

In separate post said it was happy to join the "family". It also reposted statement from senior executive saying this meant now owned 100 percent of the firm.

said in statement to that the full acquisition of "fits nicely into our 'health and happiness' strategy and forms strategic part of the value chain in our media and entertainment business."

"cn will be powerful platform to distribute our media content as well as expand our user reach and engagement," said, adding there would be synergies with its own entertainment units Music, Pictures and Youku.

(Reporting by Adam Jourdan; Editing by Stephen Coates)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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Alibaba buys out online ticketing platform Damai

(Reuters) - China's Group Holding Ltd has fully acquired online ticketing platform cn, the e-commerce giant said on Tuesday, marking 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. first invested in in 2014. "This continues an earnest three-year romance."

In separate post said it was happy to join the "family". It also reposted statement from senior executive saying this meant now owned 100 percent of the firm.

said in statement to that the full acquisition of "fits nicely into our 'health and happiness' strategy and forms strategic part of the value chain in our media and entertainment business."

"cn will be powerful platform to distribute our media content as well as expand our user reach and engagement," said, adding there would be synergies with its own entertainment units Music, Pictures and Youku.

(Reporting by Adam Jourdan; Editing by Stephen Coates)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22