Alibaba to sell stake in Chinese TV network at an estimated US$350 million loss

//Alibaba to sell stake in Chinese TV network at an estimated US$350 million loss

Alibaba to sell stake in Chinese TV network at an estimated US$350 million loss

Alibaba Group Holding will divest its entire equity stake in a Chinese shopping and entertainment television network at an estimated loss of 2.3 billion yuan (US$356 million), according to a corporate filing to the Shenzhen Stock Exchange published on Friday.Mango Excellent Media Co, which runs the commercial assets of streaming platform Mango TV, said that Alibaba plans to sell all of its 5.01 per cent stake in the company – equivalent to 93.6 million shares.The e-commerce giant made the…

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By | 2021-09-24T10:30:08+00:00 September 24th, 2021|Technology|Comments Off on Alibaba to sell stake in Chinese TV network at an estimated US$350 million loss