A Chinese state-owned broadcaster recently took an equity stake in the domestic business of Kuaishou, one of the country’s most popular video apps, and also appeared to gain a seat on the board of that business, according to corporate records.
Beijing’s actions involving Kuaishou, which haven’t been previously reported, suggests the government’s yearslong regulatory crackdown on tech and media isn’t taking a backseat to efforts to solve worsening economic challenges. It’s the latest move by President Xi Jinping’s government to exert more control over domestic internet content providers and resembles its previous acquisitions of stakes in the Chinese businesses of ByteDance, TikTok’s parent company, and Weibo, the country’s equivalent of Twitter.
