Alibaba buys stake in top media group   

(ECNS) – China's e-commerce giant Alibaba has continued its shopping spree with the purchase of a 20 percent stake in a media group, according to CNStock.com.

Alibaba is to invest 500 million yuan ($80 million) in Guangdong-based 21st Century Media Ltd., together with three other companies.

Known for its business and financial reporting, 21st Century Media owns newspapers, magazines, a web site and other business projects. After an overhaul in 2010, the company is owned by Nanfang Media Group, one of China's most influential state-owned media companies.

Alibaba has made a string of moves ahead of its IPO, showing its continued appetite for expansion. It announced today a cooperation with China Post to boost online logistics. On Wednesday, it launched 11 Main in the US, offering an online retail platform for unique goods and crafts. On Tuesday, it purchased remaining shares of UCWeb, China's most popular mobile web browser.