Alibaba Gets Into K-Pop

acquired on Wensday a minority stake in SM Entertainment, a South Korea-based record label, talent avency and entertainment provider. SM Entertainment is one of the biggest record labels in the "K-pop," or Korean pop industry. According to an English-translation of SM Entertainment's

, Alibaba acquired a 4 percent stake in the company for $29.7 million. The company also commented that the partnership will bring South Korean music and related merchandising to China through Alibaba Music Group. "Through this partnership, we'll synergize in various fields, including China's digital music industry,"