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Monday, July 14, 2014

Lions Gate, Alibaba to offer joint subscription TV streaming service in China, (NYSE: LGF)

Chinese e-commerce giant Alibaba Group Holding and Lions Gate Entertainment Corp, the studio behind the 'Hunger Games' films, will launch a subscription streaming service in China, the firms said in a statement on Tuesday.The service, to be known as Lionsgate Entertainment World, will be exclusive to Alibaba's Internet television set-top boxes and is expected to launch in August.It will give users access to Lions Gate content, including several titles from the 'Twilight Saga' and 'The Hunger Games' series, as well as television series 'Mad Men'.Alibaba and its affiliates have aggressively pushed into the entertainment industry since the beginning of the year, with more than $3 billion invested since March. The Hangzhou-based firm is looking to move beyond traditional e-commerce, offering more digital products like films, games and television.

Lions Gate Entertainment Corp. (Lionsgate) is a global entertainment company with a diversified presence in motion picture production and distribution, television programming and syndication, home entertainment, family entertainment, digital distribution, new channel platforms and international distribution and sales. Shares of LGF traded higher by 0.52% or $0.15/share to $28.73. In the past year, the shares have traded as low as $24.54 and as high as $37.81. On average, 1630310 shares of LGF exchange hands on a given day and today's volume is recorded at 813143.