Chinese authorities asked Alibaba Group to get rid of media assets

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Chinese regulators are asking Alibaba Group to develop a plan for selling its media assets. It was reported on Monday, March 15, The Wall Street Journal newspaper, citing informed sources.

As the newspaper notes, Alibaba Group has an impressive portfolio of assets that includes major media, social networks and advertising companies.

Chinese authorities are concerned about the impact of the IT-giant on public opinion in the country. As told the sources, the Chinese regulatory authorities are familiar with the list of media assets owned by Alibaba Group, and have begun since the beginning of this year to discuss the reduction of assets owned by the company.

Alibaba Group’s main business is online trading, but its assets include major newspapers, TV channels, online publications, social networks and advertising assets. In particular, Alibaba has a 30% stake in the platform Weibo, which functionality is similar to Twitter.

Alibaba also owns major Chinese print and online publications, the English-language newspaper South China Morning Post, movie company Alibaba Pictures Group and streaming video platform Youku Tudou.

The Wall Street Journal’s sources noted that it was not yet clear whether the company would have to sell all of its media assets or only some of them. However, the Communist Party of China is definitely concerned about the number of Alibaba Group’s media assets.

Earlier, on March 11, The Wall Street Journal reported that China’s anti-monopoly authorities may require Alibaba Group to get rid of a number of assets that are not related to Internet commerce. In addition, the Chinese authorities may impose a record fine of over $ 975 million on the online retailer Alibaba for violations of antitrust laws.