[Aju News DB]
Alibaba has agreed to acquire a four-percent stake in South Korea's major showbiz group SM Entertainment for partnership in e-commerce and music, SM said Thursday in a stock market notice.
SM said the Chinese e-commerce giant would buy 870,000 of SM's newly issued stocks for 35.5 billion won (29.8 million US dollars).
The alliance is part of Alibaba's strategy to bolster its entertainment business since it jumped into the online music industry by forming a music group in July last year.
The deal calls on Alibaba and SM to work together in online music distribution, marketing and merchandising in China. SM has promised to localize and expand its business in China.
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reporter
Park Sae-jin
swatchsjp@ajunews.com
