SEVERE WX : Flood Warning View Alerts
STREAMING NOW: Watch Now

The head of Alibaba's online video site has been arrested in China

The head of Alibaba's video streaming platform has been arrested in China on suspicion of accepting improper...

Posted: Dec. 5, 2018 11:54 AM
Updated: Dec. 5, 2018 11:54 AM

The head of Alibaba's video streaming platform has been arrested in China on suspicion of accepting improper payments, the e-commerce company says.

Yang Weidong is now under police investigation and has been removed from his position as president of the video site Youku, according to a statement Alibaba (BABA) filed with the US Securities and Exchange Commission on Tuesday.

Alibaba Group

Broadcasting industry

Business and industry sectors

Business, economy and trade

Companies

Digital and streaming video

Internet and WWW

Internet broadcasting

Media industry

Movie and video industry

Streaming media

Technology

Arrests

Crime, law enforcement and corrections

Criminal law

Law and legal system

Law enforcement

Asia

China

Continents and regions

East Asia

Internet video

"Alibaba Group is committed to the highest standards of business conduct," the statement said. "We do not tolerate any form of unethical or unlawful conduct."

CNN wasn't immediately able to reach Yang for comment.

The Alibaba statement didn't provide any details on what Yang, who was arrested Monday, is alleged to have done. An Alibaba spokeswoman declined to comment beyond the company's SEC filing.

Police in Beijing and Hangzhou, the city where Alibaba is based, weren't immediately available for comment Wednesday.

The arrest comes as Alibaba is in the middle of a massive leadership transition. Founder Jack Ma announced in September that he is stepping down from his role as executive chairman next year, handing over the reins to CEO Daniel Zhang.

Immediately after Yang's arrest, Alibaba named Fan Luyuan as the new head of Youku. Fan had already replaced Yang last month as rotating president of the company's digital media and entertainment division, which includes Youku and other businesses.

Alibaba's digital media and entertainment unit posted a loss of 3.8 billion yuan ($554 million) last quarter.

Alibaba bought Youku for $3.6 billion in 2015. Its main rivals are the video services owned by two of China's other top tech companies, Tencent (TCEHY) and Baidu (BIDU).

Article Comments

West Lafayette
Clear
40° wxIcon
Hi: 57° Lo: 33°
Feels Like: 40°
Kokomo
Clear
38° wxIcon
Hi: 46° Lo: 32°
Feels Like: 34°
Rensselaer
Clear
43° wxIcon
Hi: 56° Lo: 35°
Feels Like: 43°
Fowler
Clear
43° wxIcon
Hi: 58° Lo: 37°
Feels Like: 43°
Williamsport
Clear
42° wxIcon
Hi: 58° Lo: 35°
Feels Like: 42°
Crawfordsville
Clear
38° wxIcon
Hi: 55° Lo: 35°
Feels Like: 38°
Frankfort
Clear
42° wxIcon
Hi: 49° Lo: 32°
Feels Like: 42°
Delphi
Clear
39° wxIcon
Hi: 56° Lo: 33°
Feels Like: 39°
Monticello
Clear
39° wxIcon
Hi: 57° Lo: 34°
Feels Like: 39°
Logansport
Clear
37° wxIcon
Hi: 50° Lo: 31°
Feels Like: 34°
Clouds clearing and calmer winds this evening with patchy frost overnight.
WLFI Radar
WLFI Temps
WLFI Planner

Community Events