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Alibaba's entertainment unit plans to drop $7 billion on content in the next 3 years

Alibaba Group Chairman Jack Ma
VCG | Getty Images
Alibaba Group Chairman Jack Ma

Alibaba Digital Media and Entertainment Group, the entertainment affiliate of Alibaba, plans to invest more than 50 billion yuan ($7.2 billion) over the next three years, the affiliate's chief executive said.

In an internal email seen by Reuters and confirmed by an Alibaba group spokeswoman, the affiliate's new CEO Yu Yongfu pledged to invest in content, saying "he didn't come to play."

Alibaba's entertainment business underwent a major reorganisation in October, marking a total consolidation of the company's media assets.

At the same time, Yu, former CEO of Alibaba unit UCWeb Inc, became the chairman and chief executive of the new operation.

It was not immediately clear whether the 50 billion yuan figure includes a previously disclosed a 10 billion yuan fund for new projects in the unit.

The Alibaba group spokeswoman declined to give more specific details on the affiliate's investments.

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