Alibaba Seeks to Exit Media Firm After Beijing’s Scrutiny

0 6
(Bloomberg) -- Alibaba Group Holding Ltd. is seeking to sell its entire stake in a local television network after the Chinese government’s scrutiny over media and the technology industry intensified.Most Read from BloombergAn Alibaba investment arm plans to sell its 5.01% stake in Mango Excellent Media Co., a TV shopping and entertainment network based in the central province of Hunan, Mango said in a filing late Thursday. The e-commerce giant, which made the purchase only nine months ago, is seeking a waiver from a one-year lock-up agreement, the filing showed.An Alibaba representative couldn’t be immediately reached for comment.Beijing wants billionaire Jack Ma’s firm to sell some of its media assets, including the South China Morning Post, because of growing concerns about its influence over public opinion in China, Bloomberg reported earlier this year. The tech giant had been a key target in a sprawling crackdown that has expanded from e-commerce and fintech to data
Subscribe or log in to read the rest of this content.
Leave A Reply

Your email address will not be published.

At The Centre of Every Trade
$59.95/month