Alibaba (BABA) Takes Stake in Online Ad Firm, AdChina

Alibaba (NYSE: BABA)

Alibaba (NYSE: BABA) is said to have acquired a controlling stake in AdChina, an online advertising firm.

Total size of the investment wasn't disclosed.

AdChina will work with Alibaba's Alimama to develop a platform which would provide marketing services to businesses, online media clients, and third-party service providers, according to a statement issued by the company.

Advertising is estimated to account for more than half of Alibaba's revenue.

Shares of Alibaba are lower in early trading Wednesday.

You May Also Be Interested In

• Alibaba Plans To Charge Big Users Of Its Next Open-source Ai Model, Sources Say - Reuters
• Court approves Thoma Bravo acquisition of Kneat
• UK CMA will not refer Paramount-WBD deal to in-depth review