Alibaba intends to sell its shares of Chinese social media platform Weibo

It is stated that Alibaba is in talks to sell its shares in Weibo. It was stated that the talks between the technology giant and Shanghai Media Group could result in the sale of all of Alibaba's approximately 30 percent of its shares. Sources told Bloomberg that the negotiations are still at an early stage and there is no firm decision on whether it will result in a sale. Over the years, Alibaba and its subsidiaries have expanded their portfolios in the media industry by acquiring assets such as newspapers, television production companies, and social media and advertising companies. Disturbed by the company's broad influence on the public, the Chinese government wanted Alibaba to divest some of its media assets. In a possible sale, SMG, one of the largest Chinese state-owned media companies, has a much higher chance of getting approval from Beijing than a buyer who could leave the private sector. According to information on the company's website, the group operates television stations and online entertainment portals. Oriental Pearl Group Co. is one of the controlling partners of the company and has a 20 percent shares in Shanghai Disney Resort.