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Bloomberg
Alibaba Group Holding Ltd. is in talks with a state-owned conglomerate about a potential deal involving its stake in Weibo Corp, as Beijing moves to curb the influence of China’s tech giants in the sensitive media sphere.
China’s e-commerce leader is exploring options for its roughly 30% slice of the Twitter-like social media service, according to people familiar with the matter. The discussions between the technology giant and Shanghai Media Group could lead to the latter purchasing all of Alibaba’s stake in Weibo, the people said, asking not to be identified as the information is private.
Regulators are taking a closer look at the enormous reach that tech companies like Alibaba enjoy in online media, part of a broader campaign to curtail the growing power of its largest corporations. Alibaba and its affiliates have over the years built a sprawling portfolio of media assets that include newspapers etc.