SoylentNews

takyon [soylentnews.org] writes:

+techonomics

Three popular Chinese online video services have been temporarily shut down [reuters.com]. They will likely reappear with "beefed-up oversight":

Beijing has shut down online video services of three popular Chinese media sites in a swift action that unleashed financial shockwaves and posed a firm warning to the country's online video industry: clean up, or close down.

China's internet shares tumbled after news of the unusually harsh clamp down spread, with Weibo Corp's down 6.1 percent, while SINA Corp, which has a stake in Weibo, fell 4.8 percent. That amounted to a combined $1.3 billion knock to the market value of both companies.

The Twitter-like service Sina Weibo, popular online video site ACFUN and news portal iFeng.com will have to stop video streaming services that violate the country's regulations, the TV and film watchdog said on Thursday.

"This will provide a clean and clear Internet space for the wide number of online users," the State Administration of Press, Publication, Radio, Film and Television said in a brief statement on its website.

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