Alibaba to buy South China Morning Post

Online mobile commerce company Alibaba Group Holding has agreed to buy the South China Morning Post and other media assets of SCMP Group Limited for an undisclosed sum.

Apart from the flagship newspaper, the agreement includes the acquisition of the magazine, recruitment, outdoor media, events & conferences, education and digital media businesses of SCMP.

The purchase also includes a portfolio of magazine titles including the Hong Kong editions of Esquire, Elle, Cosmopolitan, The PEAK and Harper’s Bazaar.

Executive chairman Joe Tsai said: "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.

"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. We welcome Alibaba's commitment to invest additional resources in its editorial and business operations to make the SCMP even stronger."