- Briefing Your roundup of Asian tech and startup news that matter
Samreen Ahmad · · 1 min readChina’s Alibaba seeks to sell media outlet stake amid crackdown
“Alibaba 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,” Bloomberg reported, citing a regulatory filing.
Details:
- Alibaba currently holds a 5.01% stake in Mango Excellent Media, a Shanghai-based broadcasting company. In December last year, the country’s regulators allowed the Chinese tech giant to buy the stake worth US$960 million in the media network.
- At the current market price, this stake is valued at about US$600 million. This would mean Alibaba may lose about US$356 million if it sheds its shares in the media outlet now.
Dive deeper:
- Out of growing concerns about Alibaba’s influence over public opinion in the country, Beijing reportedly wants Jack Ma, the co-founder of the firm, to divest some of his media assets.
- Several tech giants such including Alibaba, Didi Chuxing, Tencent, and Meituan have come under scrutiny over antitrust issues and national security concerns from Chinese officials.
Editing by Miguel Cordon and Arpit Nayak
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
