China asks Alibaba to curtail media assets
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
Affiliate Ant Group Co, the other pillar of billionaire Jack Ma’s internet empire, was also summoned to a high-level meeting over financial regulations Photo: Collected
China's government has asked Alibaba Group Holding Ltd 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.
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.
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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.
