Alibaba Group Holding Ltd has been told to dispose of its media assets, which include stakes in South China Morning Post and Chinese social media platform Weibo, the Wall Street Journal reported.
In recent months, Alibaba affiliate Ant Group has come under regulatory pressure after its blockbuster $37 billion IPO was halted and the firm was forced to restructure. The Wall Street Journal’s sources said that Beijing sees Alibaba’s dominance and widespread influence as a challenge to the government’s control over the media. In addition to its businesses spanning health, logistics, fintech and more, Alibaba owns tech and retail platforms Tmall, Taobao and Lazada.
Despite the emergence of younger digital platforms like Douyin and Xiaohongshu, Weibo remains a vital channel for fashion and beauty brands to engage with — and sell to — Chinese netizens. Like many of its rivals, the platform has introduced e-commerce capabilities and plays a role in driving traffic and sales to Alibaba marketplaces like Taobao.