Alibaba Group Holding Ltd Acquiring South China Morning Post in an All Cash Deal
On Monday, in a statement SCMP Group Ltd said that Alibaba Group Holding Ltd will buy the South China Morning Post and other media assets of the news paper group for $265.8 million or HK$2.06 billion.
Hangzhou-based Alibaba and SCMP Group Ltd said earlier that the company will acquire more than a century old English language newspaper along with other media properties. However they had not mentioned the value of the deal. It will be an all cash deal.
This is not the first media deal for Alibaba, as the company has made a string of purchases in the recent past. However, it will probably raise concerns in Hong Kong as the South China Morning Post occupies a key position and is considered as a gauge for freedom of press under the Chinese rule.
Alibaba Group Holding Ltd., headed by Jack Ma is an e-commerce giant. According to a filing by the SCMP Group Ltd. on Monday, the deal of purchase along with the news paper includes the digital assets, outdoor advertising as well as magazines.
The SCMP was once envied by the industry for its profitability. But in recent years it has joined the stream of other papers who are struggling to draw advertisers in an atmosphere where the free publications online are growing.
United Kingdom News
- BGO Entertainment to sell customer list & domain before leaving U.K. market
- Chinese EV maker XPeng sells more than 10,000 units in October 2021
- Ashok Leyland in search of right investors for EV business
- China’s Autoflight successfully completes first flight of autonomous V1500M eVTOL aircraft
- German EV startup Sono Motors files for U.S. IPO, seeking valuation of over $1 billion