According to a new filing, Alibaba Group Holding Ltd BABA 0.13% subsidiary Alibaba Pictures Group will be selling $1.6 billion shares of stock to select investors to raise money to fund for media-related acquisitions.

Plenty Of Cash

Alibaba Pictures is low loaded up with cash. The company’s last round of fundraising in 2014 brought in $807 million. Reuters reports that the company has spent very little of that money on film and TV series production so far.

Alibaba Pictures, previously known as ChinaVision Media Group, has said that it does not have specific acquisition targets in mind at this time.

Impact On Alibaba Shares?

The announcement that Alibaba Pictures would be selling 4.2 billion shares of stock sent…

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