Biggest Chinese online shopping firm, Alibaba is going to buy the South China Morning post (SCMP) and other listed operations of SCMP Group. SCMP is 112 year old English language newspaper worth $392 Million.
Any financial details have not been revealed, but this can be the most politically sensitive deals of the company till now. With this deal, some other magazines like Cosmopolitan, Esquire, Harper’s Bazaar, Elle and The PEAK will come under Alibaba.
Alibaba has also acquired and invested in some other media and content companies. The online shopping giant had invested $194 Million in the China Business News, which is the financial media firm of China. This deal may cause some concerns in Hong Kong, where SCMP occupies an important positions.
The executive vice chairman of Alibaba Group, Joe Tsai said via a letter to SCMP reader, “The SCMP has iconic status in the region, with a strong reputation internationally for the quality and credibility of its journalism over the years, like many print media, however, the SCMP faces challenges amid the dramatic changes in the way news is reported and distributed. But these changes play to Alibaba’s strengths, which is why we believe the two companies complement each other well.”