Alibaba Group Holding Ltd on 11 December 2015 announced that it has agreed to buy the 112-year old English newspaper South China Morning Post (SCMP) for an undisclosed amount.
The agreement includes acquisition of SCMP Group's other media assets, such as licenses to the Hong Kong editions of Esquire, Elle, Cosmopolitan and Harper's Bazaar.
The acquisition of the Hong Kong's flagship English-language newspaper is the most politically sensitive acquisition by the e-commerce giant to date.
The purchase is likely to raise concerns in Hong Kong, where the South China Morning Post occupies an important position among the English-speaking elite who still dominate the former British colony.
The acquisition is one more addition to the growing portfolio of media and content companies acquired by Alibaba in recent years. Earlier in June 2015, it agreed to pay 194 million dollars for an undisclosed stake in the China Business News, the domestic financial media firm.
According to Thomson Reuters, SCMP has a market value of 3.04 billion Hong Kong dollars or 392 million dollars.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App
When: 11 December 2015