Wall Street firms have been selling their shares to buy shares in China’s biggest state media outlet
WASHINGTON — Wall Street’s biggest investment bank has been selling its shares in Chinese state media to buy them in China.
The move comes as China is under intense pressure to clean up its own media landscape.
China is the world’s largest market for media, but its media regulator has repeatedly denied attempts to censor and censor the countrys media.
The Wall Street-based Vanguard Group LP said on Wednesday that it will sell shares in the state-owned China Central Television and Radio Broadcasting Corp. to buy the stake of a major foreign investment firm.
The deal was announced on a conference call with analysts.
China’s central government says it has a monopoly on the distribution of the country’s state-run news media.