Alibaba buys South China Morning Post
Alibaba has agreed to buy the South China Morning Post (SCMP) and other media assets of SCMP Group. “The South China Morning Post is unique because it focuses on coverage of China in the English language. This is a proposition that is in high demand by readers around the world who care to understand the world’s second largest economy,” said Joe Tsai, executive vice chairman of Alibaba Group.
“Our vision is to expand the SCMP’s readership globally through digital distribution and easier access to content.”
Robin Hu, the Chief Executive Officer of SCMP, commented: “With proven expertise especially in mobile Internet, Alibaba is in an excellent position to leverage technology to create content more efficiently and reach a global audience.”
Apart from the flagship South China Morning Post newspaper, the agreement includes the acquisition of the magazine, recruitment, outdoor media, events & conferences, education and digital media businesses of SCMP Group Limited.
Besides the broadsheet, other SCMP titles include the Sunday Morning Post, its digital platforms SCMP.com and related mobile apps, and the two Chinese websites Nanzao.com and Nanzaozhinan.com.
The acquisition also includes a portfolio of magazine titles including the Hong Kong editions of Esquire, Elle, Cosmopolitan, The PEAK and Harper’s Bazaar.
Alibaba’s great competitor in the e-commerce world, Amazon, has also forged strong links with a well-established media group. In 2013, Amazon’s founder Jeff Bezos bought the Washington Post for $250m.
