Word To The Wise: Beijing Asks Alibaba to Shed Its Media Assets

China’s government has asked Alibaba Group Holding Ltd. to dispose of its media assets, as officials grow more concerned about the technology giant’s sway over public opinion in the country, according to people familiar with the matter.

Discussions over the matter have been held since early this year after Chinese regulators reviewed a list of media assets owned by the Hangzhou-based company, whose mainstay business is online retail. Officials were appalled at how expansive Alibaba’s media interests have become and asked the company to come up with a plan to substantially curtail its media holdings, the people said. The government didn’t specify which assets would need to be unloaded.

Alibaba, founded by billionaire Jack Ma, has through the years assembled a formidable portfolio of media assets that span print, broadcast, digital, social media and advertising. Notable holdings include stakes in the Twitter -like Weibo platform and several popular Chinese digital and print news outlets, as well as the South China Morning Post, a leading English-language newspaper in Hong Kong. Several holdings are in U.S.-listed companies.

The total value of Alibaba’s media assets couldn’t be obtained. Holdings in publicly listed companies had a combined market value of more than $8 billion as of before the U.S. stock market opened on Monday, according to a Wall Street Journal’s tally. That includes a roughly $3.5 billion stake in Weibo Corp. and a nearly $2.6 billion stake in Bilibili Inc., a video platform that is popular among younger Chinese people.

One of the most prominent acquisitions was the South China Morning Post, which traces its roots to the era of British colonial rule in Hong Kong. Alibaba has also set up joint ventures or partnerships with powerful state-run media like Xinhua News Agency and local government-run newspaper groups in Zhejiang and Sichuan provinces….[   ]

What do you think?

26.8k Points

Comments

0 0 vote
Article Rating
Avatar
Subscribe
Notify of
9 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
Milagros
4 months ago

This will serve as a blueprint for actions by the Democrat Party in the USA.

Lena
4 months ago

Sources are now claiming that jack ma is in hiding behind his enormous forehead.

paper cut
4 months ago

Let our government kick Bezos out of owning U.S. media. We would all have been better off without him purchasing/saving The Washington Post. It would be one less uber left-controlled news organization spouting the libturd’s progressive propaganda.

feathers flying
4 months ago

I don’t know you all are worried about Bezos. You should be more concerned about the Chinese Communist Party owning large shares in U.S media organizations and academic journals. The CCP is controlling the message WITHIN our own country.

cast off
4 months ago

Honestly, if our government does the same to Bezos, I’m not opposed. I dislike the idea of one person being so powerful and controlling, owning everything in site because they are billionaires. That is what monopoly laws are for! Keep free markets and capitalism free for all to participate.

dialed in
4 months ago

I’m guessing that is why Jack Ma went “missing” in China at the beginning of the year. They were ‘evaluating’ his media holdings and seeing him as a potential loud-mouth threat.

time lapse
4 months ago

True! They don’t want Bezos to become too wealthy and powerful and start controlling the media message. That’s the Dems job.

carnival
4 months ago

Democrats hate the rich. With them in power, don’t be surprised if they do the same for Bezos.

newest
4 months ago

Communists will be communists.
Unfortunately the bolsheviks are taking over the USA, so this type of behavior will be expected in the USA in the future.

Loading…

0
Avatar

Posted by partial

California Is Embracing Mandatory Racial-Injustice Study for All High Schoolers

Masks Are Just Part of the Socialists' Uniform