Alibaba to buy minority stake in digital marketing firm Focus Media

Alibaba to buy minority stake in digital marketing firm Focus Media

Photographer: Qilai Shen/Bloomberg

Chinese e-commerce giant Alibaba Group Holding Ltd on Wednesday said it has agreed to acquire a minority stake in China’s Focus Media Information Technology Co Ltd to tap into the digital marketing sector.

Alibaba will acquire about 6.62 percent in Focus Media for 9.63 billion yuan ($93.8 million) and possibly another 5.0 percent stake in the next 12 months, it said in a statement.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter