New Alibaba Pictures CEO warns of ‘drastic changes’ in China’s film industry

Business & Technology

Alibaba Pictures chairman Yu Yongfu has been named the company’s new CEO. A film industry outsider, Yu takes over the entertainment arm of Jack Ma’s ecommerce giant Alibaba Group ahead of what he says will be “drastic changes” for the industry. In a letter to employees, he wrote that weaker film and television companies will likely be pushed out of the market in 2017.