Alibaba takes major stake in TV content, film producer

Internet giant agrees on $383m deal with Enlight

Alibaba Group Holding Ltd, the Chinese Internet giant, has agreed to invest 2.4 billion yuan ($383 million) in TV content and film producer Enlight Media, as the latest part of its strategy to expand into the culture and entertainment sector.

Alibaba will take an 8.8 percent stake in Enlight, becoming the company's second-largest shareholder, according to a statement issued by the media company on Wednesday.