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Alibaba to pay US$266 million for Hong Kong's South China Morning Post


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Alibaba agrees to pay US$266m for South China Morning Post

[sHANGHAI] Alibaba Group Holding Ltd has agreed to pay HK$2.06 billion (S$375.6 million) to acquire Hong Kong's flagship English-language newspaper the South China Morning Post (SCMP), the newspaper group said in a statement on Monday.


Alibaba and SCMP Group Ltd announced on Friday the Hangzhou-based company would buy the 112-year-old newspaper and other media properties, but did not put a value on the deal.

The purchase, which follows a string of media deals by Alibaba, is likely to raise concerns in Hong Kong where the South China Morning Post occupies an important position and is seen as a barometer for press freedom under Chinese rule.

Full story: http://www.businesstimes.com.sg/consumer/alibaba-agrees-to-pay-us266m-for-south-china-morning-post

-- THE BUSINESS TIMES 2015-12-14

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