Alibaba was building a media empire. Now it’s dumping Chinese TV shares

Alibaba took a plan to sell a 5% Stake in mango excellent media, on Thursday by the statement of the media company. It already owned mango tv, which is popular in the china media industry. Hunan Broadcasting System, which is China’s second-largest state-owned television network, controls Mango with a stake of 56%. 

The report further states that Alibaba has been released from the agreement not to sell shares for so many years. 

On Friday, Based on Mango Excellent’s stock price, Alibaba suffered an impractical loss of about 2 million yuan ($320milion) from the investment. 

The reporter did not give a specific reason for leaving Alibaba this company, nor did Alibaba immediately make any comments. 

We know that Alibaba crew is eCommerce. The company is expanding into a variety of industries one after another, moreover, it is the owner of various Chinese social media, English newspapers. 

Earlier this year, a journal reported that the Beijing government had asked to dispose of its media assets because officials were concerned about its impact on the public option 

Last year, regulations withdrew an IP from ant group, one of Alibaba’s financial patterns, and a statement from the Chinese president, who announced an” unreliable investigation” into it.