Alibaba Pictures,Watch Watery Boarding House Online a separately listed subsidiary of Alibaba Group, announced on Tuesday that it will acquire Pony Media Holdings, which operates Damai, a China-based online live events ticketing platform from Alibaba Group. The acquisition, valued at $167 million, has shrunk by 68% compared to when Alibaba Group bought Damai. The e-commerce giant became Damai’s major shareholder in 2014 through a $133 million deal, and completed its full acquisition of the platform three years later after a further $393 million investment. The live events firm has more than 100 million registered users, and Alibaba Pictures said in the regular filing that it expects to “further enhance brand awareness for its offline entertainment business through Damai.” [Alibaba Pictures]
