President Of Alibaba Streaming Service Youku Steps Down Amid Corruption Probe

Courtesy of Youku

The president of Alibabas 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 Alibabas Digital Media and Entertainment business told Reuters today.

Fan Luyuan, the current CEO and chairman of film unit Alibaba Pictures, has taken over Yangs role, the company said.

Yangs 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.

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

Original Article

Show More

Related Articles