Google, Alibaba and other Big Tech companies could be forced to share data on financial services customers with banks and financial technology firms to prevent unfair competition. As Facebook’s plan for its Libra “stablecoin” faces scrutiny, a global body of regulators from the world’s main financial centers said that Big Tech’s growing tentacles raised questions for financial stability, competition and data privacy.
The departure of the executive who led the Chinese company through its transformation into a major power in technology comes at a challenging time.
Alibaba Group Holding’s video streaming service, Youku Tudou, has signed content licensing deals with NBCUniversal and Sony Pictures Television, marking a deeper foray into entertainment for the Chinese e-commerce giant.
The move is a product of a major corporate reorganization and a consolidation of all of Alibaba’s media holdings, and it includes a $1.48 billion fund for new projects. The company declined to mention specific investment projects, saying that the funds will be used across their digital media and entertainment businesses.
Chinese billionaire Jack Ma is stepping up his Hollywood dealmaking push, leading a team of Alibaba executives meeting with studios to acquire online content, people with knowledge of the situation say.
Alibaba’s push into Hollywood is picking up steam. The enormous Chinese e-commerce company, which recently posted a world-record initial public offering in the U.S., has invested $50 million in Peel, maker of a smart remote app for televisions.