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Alibaba buys Hong Kong's South China Morning Post newspaper

Chinese e-commerce giant Alibaba says it's buying Hong Kong newspaper South China Morning Post

Alibaba buys Hong Kong's South China Morning Post newspaper

HONG KONG (AP) -- Chinese e-commerce giant Alibaba says it is buying Hong Kong's leading English-language newspaper, the South China Morning Post.

Alibaba Group said late Friday that it 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 newspaper said in a story on its website that the purchase price is not being 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 away from its core Internet shopping business by tapping rising demand for online content from Chinese consumers.


Updated : 2021-09-22 19:10 GMT+08:00