Alibaba buys 18 percent stake in Sina's Weibo for $586 million

(Reuters) - Sina Corp, China's largest Internet portal and media website, said e-commerce company Alibaba Group has bought an 18 percent stake in its microblogging service Weibo for about $586 million, valuing Weibo at more than $3 billion. The company has also granted Alibaba the option to increase its stake in Weibo to 30 percent within a stipulated time, which it did not specify. Sina's U.S.-listed shares jumped 17 percent to $58.85 in premarket trade on Monday. ...

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