Under favorable policies to upgrade industrial structure，encourage consumption and mergers and acquisitions，China’s Internet giants intensified their efforts in M & A in media industry in 2014. Over 200 deals have been finished，with transaction amount exceeding RMB220 billion，the single largest transaction reaching RMB49.2 billion. With strong financial strength，internet giants like Alibaba are marching into the media industry through mergers and acquisitions to build their own business ecosystems so as to seize the strategic high ground in future competition.