Alibaba Hunts For New SCMP Chief As It Devotes Former Chief To NFT Spinoff - Alibaba Gr Holding (NYSE:BABA)

Alibaba Group Holding Ltd BABA owned South China Morning Post is on a CEO hunt, Bloomberg reports.
The move coincided with Alibaba weighing options for media assets, including SCMP.
Alibaba dedicated SCMP chief Gary Liu to running a spinoff to turn artwork into non-fungible tokens.
Also Read: Alibaba Launches New NFT Marketplace: What You Need To Know
Liu will run SCMP pending the appointment of a new chief.
Bauhinia Culture (Hong Kong) Holdings Ltd had expressed interest in acquiring SCMP, while Alibaba clarified that it did not look to sell its most vital media property.
In 2021, China’s top economic planner proposed to bar private capital from news operations following Alibaba’s controversial handling of a scandal involving one of its executives.
Price Action: BABA shares traded higher by 24.3% at $95.42 on the last check Wednesday.