China’s government has asked Alibaba Group Holding Ltd (9988.HK) to dispose of its media assets, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Discussions over the matter have been held since early this year, the report said, adding that officials were shocked at how expansive Alibaba’s media interests have become. (https://on.wsj.com/3bNueCr)
The company, whose mainstay business is online retail, has stakes in the Twitter-like Weibo platform and several news outlets including the South China Morning Post.
Such influence is seen as posing serious challenges to the Chinese Communist Party and its own powerful propaganda apparatus, the Journal’s sources were quoted as saying.
Alibaba did not immediately respond to Reuters’ request for comment.
Reuters
March 15, 2021
Our Standards: The Thomson Reuters Trust Principles.
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