China Vision Media Group announced on Tuesday that Alibaba Group Holdings, China's largest e-commerce company, has agreed to buy 12.49 billion of its existing and new shares, giving Alibaba a 60 % controlling stake in the Hong kong listed company.

With the purchase, Alibaba made a new record in merger and acquisitions by Chinese internet companies since the beginning of 2014. This shows Alibaba's growing interest to enter into the entertainment and culture industry.

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Alibaba's chairman, Ma Yun, had announced in December that the ecommerce company would be putting more of its resources into health, culture and education sectors in the next 10 to 20 years.

China Vision is a media company whose core business involves the production and distribution of content for TV, print and mobile media.

The company also organizes cultural and artistic exchange activities, provides mobile value-added services, as well as advertising placements into magazines and television.

In recent years, China Vision has invested into successful films and dramas such as "Zhi Zhe Wu Di" and "Journey to the West: Conquering the Demons".

China Vision officials said the company's new media business has been actively developing mobile video, mobile games and content for mobile reading.

It will establish a strategic committee with Alibaba to explore future opportunities in online entertainment and media-related areas, the company said.

"Mobile Taobao needs to satisfy users' various consumer decision-making paths. We hope to help users to obtain information, help films' issuers, producers, and movie stars to communicate with users and advertise films. The development of film side products and Sina Weibo as partner will definitely give audiences a brand new experience," said Zhang Yong, COO of Alibaba.

Business insiders believe that the growing participation of internet companies in the entertainment arena will breathe new life into capital formation for the culture industry, particularly for the television and film industries.

Analysts also see a trend in new mergers and acquisitions into culture-related businesses.