Alibaba buys South China Morning Post newspaper

Acquisition of Hong Kong publication part of company’s strategy to diversify

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 yesterday 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’s the latest media-related acquisition for Alibaba and gives control of Hong Kong’s most prominent English-language publication to a mainland Chinese company.

In October, Alibaba bought up all the shares in video streaming site Youku Tudou it didn’t already own for $3.6 billion (Dh12.96 billion). Earlier this year, it invested about $200 million for a stake in Shanghai Media Group’s financial information company China Business News.

The acquisitions are part of Alibaba’s strategy of diversifying away from its core internet shopping business by tapping rising demand for online content from Chinese consumers.

The 112-year-old Post was once reputed to be the world’s most profitable newspaper on a per-reader basis although its fortunes have suffered in line with the wider decline in the traditional newsprint industry as readers shift to online news sites.