Alibaba to Sponsor Upcoming Lunar Year Festival
Chinese e-commerce giant Alibaba Group Holding Ltd. (NYSE: BABA) is set to sponsor the upcoming Lunar Year Spring Festival Gala as it steps up efforts to woo budget-conscious consumers. With Alibaba looking to boost its growth rate in a struggling economy filled with competing firms, sponsoring one of the world's most-watched broadcasts is sure to do some good. Hundreds of millions of viewers watch the Spring Festival Gala every Lunar New Year's Eve, making it the most-watched event in China. According to the deal the Hangzhou-based firm signed with state-owned China Media Group (CMG), Alibaba will be the 2025 Spring…