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Reading: Alibaba, Under Beijing Pressure, Moves to Sell Stake in State-Owned Broadcaster
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The Wall Street Publication > Blog > Markets > Alibaba, Under Beijing Pressure, Moves to Sell Stake in State-Owned Broadcaster
Markets

Alibaba, Under Beijing Pressure, Moves to Sell Stake in State-Owned Broadcaster

Editorial Board Published September 24, 2021
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Alibaba, Under Beijing Pressure, Moves to Sell Stake in State-Owned Broadcaster
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Alibaba Group Holding Ltd. plans to dispose of its minority ownership in a state-owned broadcaster, the first concrete step the Chinese internet giant is taking to dismantle its sprawling media empire following pressure from Beijing.

Mango Excellent Media , a subsidiary of the government-run Hunan TV, said in a stock exchange filing on Friday that Alibaba plans to sell its entire 5% stake in the Shenzhen-listed company less than a year after buying it. It didn’t provide a reason for the proposed sale. Alibaba declined to comment.

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