China’s Alibaba Group is seeking for a new CEO for its flagship media property, the South China Morning Post (SCMP), after giving its last chief executive the job of overseeing a new NFT spinoff.
As Bloomberg News reported Wednesday (March 15), Gary Liu will continue running the SCMP until his replacement is named.
“A global search for our next CEO is underway, and I will share details of the leadership transition at a future date,” Liu wrote in memo to staff that outlined the SCMP’s planned blockchain venture.
Bloomberg says Bauhinia Culture (Hong Kong) Holdings Ltd. has expressed interest in buying the SCMP – Hong Kong’s most prominent English-language newspaper – although Alibaba has denied the 119-year-old media property is for sale.
In 2015 company purchased the SCMP from Malaysian tycoon Robert Kuok – who had purchased it from Rupert Murdoch – for $256 million.
“I want to express my high optimism for SCMP’s future. We remain as committed to SCMP’s mission as ever,” Vice Chairman Joseph Tsai said in the memo.
See also: China Unveils Stricter Big Tech Investment Rules
Last year, the Chinese government unveiled a proposed a ban on private capital in news operations, sparked by concerns in Beijing about Alibaba’s coverage of a scandal involving one of its executives.
In January, China said it would begin requiring Alibaba and other big tech firms in the country to get approval for any investment deals in an effort to keep these companies from growing through acquisitions.
The protocols, enacted by Cyberspace Administration of China, the nation’s top internet regulator, say companies need formal approval for investment deals if they have 100 million or more users or have posted revenue of at least 10 billion yuan ($1.57 billion).
Read more: $8T Metaverse Market Potential May Hinge on Regulation in China
As for the metaverse, Alibaba is likely to be one of its key drivers in China – along with companies like ByteDance and Tencent — Morgan Stanley said last month. The metaverse in China could dominate the virtual universe to the tune of $8 trillion, the investment bank said, although much depends on how Beijing decides to regulate the sector.
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