Chinese internet giant Alibaba buys South China Morning Post for $266m
The deal comes at a time when concern over press freedom in Hong Kong is growing after attacks on journalists, reports of pressure on editorial staff from authorities and increasing self-censorship.
The deal comes at a time when concern over press freedom in Hong Kong is growing after attacks on journalists, reports of pressure on editorial staff from authorities and increasing self-censorship.
Alibaba “has agreed to purchase the media business of the (SCMP) Group for a cash consideration of HK$2,060,600,000”, the newspaper said in a statement to the Hong Kong stock exchange.
SCMP Group also owns the Hong Kong editions of magazines Esquire, Elle, Cosmopolitan and Harper’s Bazaar.
The Chinese firm said it would use its “digital expertise” to provide “comprehensive and insightful news and analysis of the big stories in Hong Kong and China”.
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