Alibaba to buy majority stake in Tencent, VC-invested ChinaVision
Alibaba Group has agreed to buy 60% of Hong Kong-listed ChinaVision Media Group - in which rival Tencent Holding and VC firm Sequoia Capital are current shareholders, for HK$6.24 billion ($804 million).
The acquisition comes as internet giants Alibaba, Tencent and Baidu are locked in a fierce battle to differentiate their business, often expanding into overlapping areas. For example, on Monday, Tencent...
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