Alibaba to buy stake in advertiser

E-commerce firm to expand in digital marketing with Focus Media alliance

Alibaba Group Holding Ltd is set to acquire a minority stake in China's largest out-of-home advertising network, as it looks to tighten its grip on digital marketing to better serve its omnichannel sales.

The e-commerce giant and its related parties plan to pay a combined 15 billion yuan ($2.22 billion) for a roughly 10.3 percent stake in Shanghai-based Focus Media Information Technology Co Ltd, which has digital ad boards covering streets, office buildings and subways across 300 Chinese cities.