Alibaba seeks to exit media firm after Beijing’s scrutiny

Alibaba Group Holding is seeking to sell its entire stake in a local television network after the Chinese government’s scrutiny over media and the technology industry intensified. An Alibaba investment arm plans to sell its 5.01 per cent stake in Mango Excellent Media, a TV shopping and entertainment network based in the central province of Hunan, Mango said in a filing. The ecommerce giant, which made the purchase only nine months ago, is seeking a waiver from a one-year lock-up agreement, the filing showed. An Alibaba representative couldn’t be immediately reached for comment. Beijing wants billionaire Jack Ma’s firm to sell some of its media assets, including the