[ad_1]
KUALA LUMPUR, March 16 (The Star / ANN): Beijing has asked Alibaba Group Holding Ltd, founded by Chinese tycoon Jack Ma, to divest its media assets, according to a Wall Street Journal (WSJ) report.
Alibaba controls a wide range of print, broadcast, digital, social media and advertising media assets. It has major holdings on Weibo and the South China Morning Post.
According to the WSJ report, people familiar with the matter told WSJ that “Chinese officials have become more concerned about the tech giant’s influence on public opinion in the country.”
He added that discussions on the matter began earlier this year after Chinese regulators reviewed a list of media assets owned by the Hangzhou-based giant.
“Officials were dismayed by how expansive Alibaba’s media interests have become and asked the company to come up with a plan to substantially reduce its holdings in the media,” WSJ reported, citing people familiar with the matter.
WSJ estimated that Alibaba’s holdings in publicly traded media companies had a combined market value of more than US $ 8 billion at the close of the market last Friday.
Jack Ma’s business empire has come under official scrutiny since the suspension of his Ant Group’s $ 37 billion IPO, just days before its planned listing late last year. – The star / ANN
[ad_2]
