Alibaba Denies Rumor of Planned Investment in Today's Headlines

iFeng Tech, 4/27/18

Tiger Wang (Wang Shuai), Chairman of Chinese e-commerce conglomerate Alibaba Group's (NYSE: BABA) Marketing and Public Relations Committee, has issued an emphatic denial of yesterday's rumor that Alibaba was preparing to make a USD 10-digit investment in Beijing-based Bytedance Technology, operator of online and mobile news portal platform Today's Headlines.

According to Wang's microblog post, Alibaba has no intention to make such an investment and does not see itself as having advantages in the media industry, neither currently nor in the future. Wang went on to explain that Alibaba lacks DNA and aspirations to become a media group, such that such prospects have never been seriously considered, and if they were, he expects they would fail.

Editor's Note: For more information on this topic, please see Rumor: Alibaba to Make USD Multi-billion Investment in Today's Headlines, MD 4/26/18 issue.

Keywords: M&A Internet Alibaba Group Bytedance Today's Headlines BABA Tiger Wang online information service mobile information service

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