Alibaba Group Buys South China Morning Post
Alibaba Group Holding Ltd. has announced it is acquiring the South China Morning Post (SCMP), along with other media assets of the SCMP Group Limited.Advertisement
In a letter addressed to readers of the SCMP, Alibaba Group Holding Limited Executive Vice Chairman Joseph C. Tsai explained that the coming together of the two companies involves a “mix of the old and the new.” In fact, there is a difference of almost one hundred years in age between the two companies. Tsai also says, “The SCMP is resonant with the history, heritage and culture of the region, just as Alibaba has its place in the new age of digital technology.” Indeed, it seems Alibaba could not be happier about is latest business acquisition.
According to Tsai, SCMP is in a uniquely perfect position to be able to achieve global readership. Since it is based in Hong Kong, this publication is able to cover everything in China. These stories are exactly what the rest of the world would want to know about, from New York all the way to London. Hence, there is no better publication than the SCMP to help the world understand the world’s second largest economy better.
Meanwhile, Tsai also assured readers that there is no way that SCMP’s editorial independence will be compromised as the publication gets a new owner. He said that editors will remain at the head of the newsroom and the corporate boardroom will stay out of its way.
According to a report from Bloomberg, Alibaba had acquired SCMP and its other media assets for HK$2.06 billion or $266 million. The group has a number of businesses including several online marketplace, travel and shopping platforms.