May 23, 2017 / 12:07 PM / 2 months ago

BRIEF-Alibaba Pictures Group Ltd updates on sale of broadcasting rights of drama series

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May 23 (Reuters) - Alibaba Pictures Group Ltd

* Zhejiang dongyang, a consolidated subsidiary of company, entered into drama a transfer agreement with Tmall Technology

* Zhejiang Dongyang has agreed to sell, and Tmall Technology has agreed to acquire, broadcasting rights of drama series A

* Maximum consideration for sale of broadcasting rights of drama series a shall be RMB68.4 million

* Huameng (Tianjin), a consolidated subsidiary of company, entered into drama B transfer agreement with Tmall Technology

* For drama B transfer agreement Huameng (Tianjin) agreed to sell, and Tmall Technology has agreed to acquire, broadcasting rights of drama series B

* Maximum consideration for sale of broadcasting rights of drama series b shall be RMB45.6 million, payable by Tmall Technology in cash

* expects group will realize an estimated gain of about RMB3.4 million and about RMB870,000 from drama a disposal and drama b disposal Source text for Eikon: Further company coverage:

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