Shanghai prosecutors on Thursday filed charges against 30 people from Chinese media for extortion.
Among those charged were Shen Hao, former publisher of 21st Century Business Herald, Liu Dong, former president of 21cbh.com, and Xia Ri, former Money Week publisher, the Xinhua News Agency reported.
In September 2014, Shanghai's public security bureau announced on Weibo that they had detained Shen and 21st Century Business Herald general manager Chen Dongyang with the help of police from Guangdong Province.
The two were arrested along with the publication's editor-in-chief as well as two sales staff.
China Central Television (CCTV) had reported Shen confessed that "as a journalist and media manager, I violated the basic requirements of professional integrity, and I deeply regret breaking my oath to journalism."
The Guangdong-based 21st Century Media Co Ltd runs 21st Century Business Herald, Money Week and 21cbh.com, which claims on its website to be "the largest professional media operator in the Chinese financial and business media industry."
The publications' licenses were revoked in May, as China's press regulator said that they had forced clients to sign advertisement and service contracts by threatening to publish negative news.
Irregular management practices were also found in the 21st Century Business Herald, the press regulator added.
Under State Administration of Press, Publication, Radio, Film and Television regulations, which manages the practices of all journalists in China, press credentials will be revoked when media organizations act illegally.
Chinese authorities have been cracking down on extortion in the media and paid news articles.
Other problems discovered included press cards issued to people who are not journalists, and newspaper websites link to advertisement or public relations agencies.
