Internet giant Alibaba Group has been planning to restructure its current entertainment divisions by listing an expected venture on the US stock market.

Shanghai based China Business News said that Alibaba plans listing an independent entertainment arm in the US stock exchange after a series of acquisitions that strengthened its presence in the local entertainment market.

Like Us on Facebook

Alibaba has reached an agreement with China Vision Media Group to acquire 60 percent holdings in the company. The deal was valued HK $6.2 billion through issuance of new shares.

The newspaper also said that after a partnership with China Vision's existing shareholders, Alibaba would hold 70.8 percent voting power in the company.

As Alibaba would hold a controlling stake in the company, the name of China Vision could possibly be changed to Alibaba Pictures Group Limited. The change in the company's name is still subject for approval from its shareholders.

Alibaba has pushed on an ambitious plan after getting fresh funds. China's Internet giant has also financed 8 to 10 movies, 3 to 5 internet dramas and 3 to 5 medium or long TV series.

China Business News also reported while citing a source that Alibaba's e-commerce platforms Tmall and Taobao are planning to launch paid movie and TV channels.

ChinaVision would enlist popular directors in the country following the expansion plan. This would include Hong Kong director Wong Kar-wai, Stephen Chow and Peter Chan.

Alibaba's move to acquire a controlling stake and expand its entertainment arm came after entertainment and video programs increased potential in the country.

There are about 440 million users or mobile internet and internet apps with 7.44 billion hours of access time per month in China. This was according to a data shown by Analysys International.

Alibaba's Jack Ma said that the company would set up investments in China's cultural industry as its development falls behind the economic development in the country.

TagsAlibaba Group, ChinaVision, Peter Chan, Wong Kar-wai, Stephen Chow, US stock market