{"id":202764,"date":"2021-03-15T21:20:01","date_gmt":"2021-03-15T18:20:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/china-asks-alibaba-to-divest-media-assets-report\/"},"modified":"2021-03-15T21:20:01","modified_gmt":"2021-03-15T18:20:01","slug":"china-asks-alibaba-to-divest-media-assets-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/china-asks-alibaba-to-divest-media-assets-report\/","title":{"rendered":"#China asks Alibaba to divest media assets: report"},"content":{"rendered":"

“#China asks Alibaba to divest media<\/a> assets: report<\/strong>”<\/p>\n

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\"Chinese
\n Chinese authorities are asking Alibaba to drastically reduce its presence in the media sector
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Beijing has asked Chinese e-commerce titan Alibaba to divest its assets in the media sector out of concern over the company’s growing public influence, The Wall Street Journal reported Monday.<\/p>\n

Its founder Jack Ma, the ebullient and unconventional billionaire who officially retired from Alibaba in 2019 but remains a large shareholder, has been in authorities’ crosshairs in recent months.<\/p>\n

In November, Chinese regulators halted a colossal $34 billion IPO by Ant Group, an Alibaba subsidiary for online payments. The following month, regulators opened an investigation into Alibaba business practices deemed anti-competitive.<\/p>\n

Now authorities are asking the tech giant to drastically reduce its presence in the media sector, the Journal said, citing people familiar with the matter.<\/p>\n

Alibaba is most notably the owner of Hong Kong’s leading English-language daily, the South China Morning Post. It also has stakes in China’s popular Twitter-like Weibo social media platform and online video platform Bilibili, as well as other media and advertising.<\/p>\n

Chinese leaders are worried about growing influence on public opinion exerted by the company founded by Ma, the Journal reported.<\/p>\n

The government didn’t specify whether Alibaba was requested to completely withdraw from the media or divest part of its shares.<\/p>\n

On Friday, the Journal reported that Alibaba risks being slapp<\/a>ed with a record fine in China for anti-competitive practices, which could exceed the $975 million paid by US chip maker Qualcomm in 2015, the biggest anti-monopoly fine imposed by Beijing to date.<\/p>\n

According to the article, authorities accuse Alibaba of preventing merchants who sell goods on the platform from also selling on rival websites.\n <\/p>\n\n

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China denies plan for $1 bn Alibaba fine, but tech firms take a blow\n <\/p><\/div>\n

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\n \u00a9 2021 AFP<\/p>\n

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Citation<\/strong>:
\n China asks Alibaba to divest media assets: report (2021, March 15)
\n retrieved 15 March 2021
\n from https:\/\/techxplore.com\/news<\/a>\/2021-03-china-alibaba-divest-media-assets.html<\/p>\n

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