HONG KONG -- Chinese e-commerce conglomerate Alibaba Group Holding is hoping to enrich its online offering by taking majority control of heavily loss-making Hong Kong film studio Alibaba Pictures just days after poaching the chairman of the movie house to run its video streaming division.
The move could see Alibaba attempt to replicate the Amazon Prime video-streaming service as it seeks to reboot growth for its cooling online retail business with new content, while facing down rising competition from rival Tencent Holdings.
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