$1.1 billion for piece of Wasu Media part of recent buying spree

An investment firm controlled by the founders of e-commerce conglomerate Alibaba Group Holding Ltd agreed Tuesday to buy a 20 percent stake in a Chinese Internet-television company for about $6.54 billion yuan ($1.06 billion), a move that will allow Alibaba to expand into the digital-content market.

The investment in Wasu Media Holding Co was announced within a week of Alibaba founder Jack Ma's paying 3.3 billion yuan to take the control of Chinese financial software developer Hundsun Technologies Inc.