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Some key takeaways about the future of digital startups from a panel of leading cross-border startup investors GGV, Qiming, Vertex, 500 Startups and SOSV at the Global Mobile Internet Conference held in Beijing.
In a major reorganisation of the company's entertainment assets, Alibaba Holdings Group Ltd. has announced the formation of a new digital media group along with plans for a 10 billion yuan ($1.48 billion) fund for new projects. The move marks a total consolidation of Alibaba's media businesses, including Youku Tudou Inc., UCWeb Inc. and Alibaba Pictures Group Ltd. as well as the company's sports, games, literature, music and digital entertainment divisions. Yu Yongfu, former CEO of UCWeb, will become the chairman and CEO of the newly formed Alibaba Digital Media and Entertainment Group, reporting directly to Alibaba CEO Daniel Zhang.
Alibaba Holdings Group Ltd. said on Monday it has reorganised its media and entertainment businesses to form one group headed by mobile business group head Yu Yongfu. As part of the reshuffle Victor Koo will step down as CEO of Alibaba's video streaming service Youku Tudou and oversee the new fund, an Alibaba spokeswoman told Reuters, confirming the details of a leaked internal email. The new Alibaba Digital Media and Entertainment Group will also include Alibaba Pictures Group Ltd.