Alibaba Buying South China Morning Post Newspaper
The Chinese company is purchasing Hong Kong's leading English-language newspaper and the company's other media assets for an undisclosed price.
HONG KONG — Chinese e-commerce giant Alibaba says it is buying Hong Kong's leading English-language newspaper, the South China Morning Post.
Alibaba Group announced late Friday that it has signed a deal with publisher SCMP Group to buy the Post and the company's other media assets, which include magazines, outdoor advertising and digital media.
The purchase price was not disclosed.
It is the latest media-related acquisition for Alibaba and gives control of Hong Kong's most prominent English-language publication to a mainland Chinese company.
The deal is part of Alibaba's strategy of diversifying from its core Internet shopping business by tapping rising demand for online content from Chinese consumers.