According to CRI News, the Chinese e-commerce giant will be buying SM Entertainment’s 870,000 newly issued stocks for USD29.8 million – which equals to four percent of the overall share.
China’s Alibaba Group continues to expand its business into various industry, as it recently announced its strategic partnership with South Korean entertainment giant, SM Entertainment.
With this new cooperation, it will open more doors for SM, which houses some of the most famous idol groups, including EXO, Girls’ Generation, and Super Junior, in its engagement in online music distribution, marketing, and merchandise in China through Alibaba Music Group, which was established last July.
This includes branded channels for SM Entertainment’s artistes through Alibaba’s music apps Xiami and Tiantian.
“Through this partnership, we’ll synergise in various fields, including China’s digital music industry,” said SM Entertainment’s rep.
(Photo source: facebook.com/smtown)