Entertainment <\/p>\n
\n\tChinese billionaire Jack Ma\u2019s\u00a0technology conglomerate alibaba<\/a> Group Holding is splitting into six groups, including an entertainment business, with each of them set to be \u201cindependently managed by its own chief executive officer and board of directors,\u201d the company said on Tuesday.<\/p>\n \n\tDaniel Zhang will serve as CEO and chairman of the holding company, which reminded some observers of Google\u2019s creation of\u00a0Alphabet\u00a0as the umbrella company for its various businesses.<\/p>\n \n\tAlibaba\u2019s restructuring news came a day after the Wall Street Journal<\/em> reported<\/a>, citing people familiar with the situation, that Ma\u00a0had returned to mainland China after spending about a year abroad. His return comes at a time when Beijing is looking to boost business confidence after years of COVID-19 restrictions and regulatory crackdowns.\u00a0In 2021, reports said that China\u2019s government had asked\u00a0Alibaba\u00a0to sell off its collection<\/a> of media assets.<\/p>\n \n\tFilm studio Alibaba Pictures, video streamer Youku \u201cand other businesses\u201d will be part of the new entertainment business, dubbed Digital Media and Entertainment Group, the company said in a regulatory filing. It will be led by Fan Luyuan as CEO. He has previously served as CEO<\/a> of Beijing-based Alibaba\u00a0Pictures since 2017.<\/p>\n \n\tThe new organizational and governance structure is designed \u201cto empower all our businesses to become more agile, enhance decision making, enable faster responses to market changes and promote innovation to capture opportunities in their respective markets and industries, thereby unlocking the value of Alibaba Group\u2019s various businesses,\u201d the firm said. \u201cEach business group will also have the flexibility to raise outside capital and potentially to seek its own IPO, with the exception of Taobao Tmall Business Group, which will remain wholly-owned by Alibaba Group.\u201d<\/p>\n \n\tTaobao is Alibaba\u2019s online shipping business. The four other new companies are the Cloud Intelligence Group (including cloud, AI, DingTalk and other businesses), Local Services Group (including Amap, Ele.me and others), Global Digital Business Group (including Lazada, AliExpress, Trendyol, Daraz, Alibaba.com and others), as well as Cainiao Smart Logistics.\u00a0<\/p>\n<\/p><\/div>\n \t\tTHR Newsletters<\/p>\n<\/h2>\n Sign up for THR news straight to your inbox every day<\/p>\n<\/p><\/div>\n\n