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Alibaba acquires minority stake in Chinese digital marketing giant

  • Alibaba (NYSE:BABA) will acquire a 6.62% stake in China’s Focus Media Information Technology for about $93.8M and potentially another 5% in the next 12 months.    
  • The investment allows Alibaba to tap into Focus’ digital marketing network as part of its New Retail strategy.
  • Alibaba will also invest $511.1M in an entity controlled by Focus chairman Jason Jiang by subscribing to newly issued shares. 
  • Alibaba shares are down 1.1% to $190.52.       

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