President Of Alibaba Streaming Service Youku Steps Down Amid Corruption Probe

The president of Alibaba’s streaming service, Youku, has stepped down and is believed to be co-operating with Chinese officials as part of a potential corruption case.

Yang Weidong, who has worked at Youku for around five years, joined the company before it was fully acquired by Alibaba in 2015.

“(Yang) is understood to be assisting Mainland authorities with an investigation into an alleged case of seeking economic benefits,” a spokeswoman for Alibaba’s Digital Media and Entertainment business told Reuters today.

Fan Luyuan, the current Chief Executive and Chairman of film unit Alibaba Pictures, has taken over Yang’s role, the company said.

Yang’s sudden departure comes amid a wider Alibaba reshuffle after chairman Jack Ma announced he will retire next year. The company has been investing heavily in its entertainment business in the face of strong competition from the likes of Baidu and iQiyi.

Yang’s exit is the latest chapter in an ongoing crackdown by Chinese officials on corruption in the entertainment sector.

Source: Read Full Article