Alibaba buys South China Morning Post

Alibaba founder and owner Jack Ma

Alibaba founder and owner Jack Ma

China’s e-commerce giant Alibaba is to acquire Hong Kong’s English-language South China Morning Post newspaper. In a statement released yesterday, it said that it aims to add its digital strength to the editorial expertise and prestige of the 112-year-old publication which boasts over 100,000 subscribers and readers.
“Our vision is to expand the SCMP’s readership globally through digital distribution and easier access to content,” said Joe Tsai, Alibaba’s executive vice chairman. In a separate letter, he pledged that the new owners would ensure editorial independence of the SCMP, promising that the “day-to-day editorial decisions will be driven by editors in the newsroom, not in the corporate board room” and that the paper’s reporting will be “objective, accurate and fair.”
“With [its] proven expertise – especially in mobile Internet – Alibaba is in an excellent position to leverage technology to create content more efficiently and reach a global audience,” SCMP CEO Robin Hu, added.
South China Morning PostThe size of the deal was not disclosed, but the SMCP Group has a market value of £234m, although its shares have been suspended for more than two years. 

Source: nikkei