 "China's Alibaba pays $266 million for Hong Kong newspaper")
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 ($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.
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.
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.
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.