The Chinese investment group Alibaba, which is making a push into U.S. entertainment holdings, is reportedly interested in buying Mark Rachesky’s 37.4% stake in Lionsgate, according to the New York Post.
Rachesky, the single largest shareholder of the company and its chairman, holds a stake worth $1.6 billion, the story says.
“Asian bankers are telling Hollywood investors that Rachesky’s exit from Lionsgate will be announced in November, if not earlier, as Alibaba starts to spend some of its $25 billion in proceeds from its record-setting IPO,” the piece notes.
The report adds: “Alibaba is craving entertainment assets, in particular U.S. film and TV shows that it can import into what’s already the world’s second-largest theatrical market.”
Lionsgate declined to comment.