China's Alibaba pays USD 266M for Hong Kong newspaper

Posted By: PTI
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Hong Kong, Dec 14: The publisher of Hong Kong's South China Morning Post says China's Alibaba is buying the English-language newspaper for 2.06 billion Hong Kong dollars (USD 266 million).

SCMP Group revealed the sale price today in a filing to the Hong Kong stock exchange. The deal was announced on Friday but no amount was given for the transaction.

China's Alibaba buys Hong Kong newspaper

The sale of the 112-year paper, which has a wide international following for its China coverage, has stirred concern that its reporting would be softened under the ownership of a Chinese company.

The deal is latest media-related acquisition for Alibaba as it diversifies beyond its core business of online shopping. The SCMP said in its filing that traditional publishing has an uncertain future and a new owner will be able to unlock greater value.


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