News Snapshot:
Hong Kong (CNN Business) Alibaba is dumping its shares in one of China’s largest TV broadcasters just months after it bought them, as the company comes under growing pressure from a government campaign to rein in Big Tech’s power and influence. Alibaba ( BABA ) plans to sell its 5% stake in Mango Excellent Media, according to a statement from the media company on Thursday. It owns Mango TV, which is massively popular for its variety shows in China. China’s second largest state-owned television network, Hunan Broadcasting System, controls Mango with a stake of 56%.The statement also said that Alibaba...
