Alibaba Group Holding Limited announced that it has entered into a definite agreement to acquire the South China Morning Post (SCMP) and other media assets of SCMP Group Limited (SEHK: 0583).
The agreement combines the heritage and editorial excellence of the SCMP with Alibaba's digital expertise to provide comprehensive and insightful news and analysis of the big stories in Hong Kong and China.
"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."
"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," said Robin Hu, Chief Executive Officer of SCMP. "We welcome Alibaba's commitment to invest additional resources in its editorial and business operations to make the SCMP even stronger."
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.
