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.