Ma has used his political acumen before to help Alibaba Group Holding Ltd. become one of the world’s largest Internet companies. (Photo : www.vosizneias.com)
Leading Chinese e-commerce empire Alibaba Group has announced that it has acquired Hong Kong's leading English-format newspaper, South China Morning Post (SCMP), for $266 million.
According to a statement from Alibaba, the deal involves the purchase of SCMP media assets, which include its paper and online editions and magazine and outdoor media.
Alibaba hopes to combine its digital expertise with the paper's editorial excellence in a bid to provide a high-quality platform in which the English-speaking populace could have a deeper understanding of China.
For Joe Tsai, Alibaba Group's executive vice chairman, "The South China Morning Post is unique because it focuses on coverage of China in the English language."
"This is a proposition that is in high demand by readers around the world who care to understand the world's second largest economy," he further shared.
The Alibaba executive also said that the firm's vision includes the expansion of the media outlet's readership "for free on the Internet and mobile devices."
Nonetheless, Tsai clarified that SCMP will still keep its editorial independence.
Meanwhile, according to a Reuters article, SCMP's recent filing to the Hong Kong Stock Exchange noted that one key reason behind the sale is the "uncertain" future for traditional publishing. The statement also said that Alibaba will likely be able to "unlock greater value" from the 112-year-old paper business.
First established in 1903, SCMP has become one of the most respected media companies in Hong Kong.
In recent years, Alibaba has either invested in or acquired media and content outlets. In June, it signed a deal with China Business News for 1 billion yuan for financial database.
