Alibaba has lifted its holding in its beleaguered movies company Alibaba Pictures to just over 50 per cent, giving it majority control just a week after it tapped the unit’s chief to jointly run its in-house digital entertainment unit.
Fan Luyuan, chairman and chief executive of Alibaba Pictures, was appointed to run the unit following the arrest of the head of Alibaba’s video streaming service, Youku, as part of a corruption probe in China.
The China tech group said Yang Weidong was “under police investigation in China for alleged acceptance of improper payments”.
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