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Alibaba Pictures to buy Chennai-based Ticket New

Alibaba Pictures to buy Chennai-based Ticket New

Monday, January 9, 2017, 3:19 PM

Alibaba Pictures, the movie and TV content business controlled by the Chinese e-commerce giant, is planning to buy 70-75% stake in Chennai-based Orbgen Technologies Pvt. Ltd, which operates the ticket-booking platform TicketNew. The value of the transaction is likely to be around $35 million. Acquisition of TicketNew by Alibaba Pictures could change the dynamics of ticketing in India, which is currently dominated by BookMyShow.
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