Hong Kong (dpa) – The 112-year-old Hong Kong broadsheet the South China Morning Post was purchased by the Alibaba Group for 2.06 billion Hong Kong dollars (266 million US dollars), the newspaper said Monday.
The closely watched deal was confirmed on Friday, and includes several magazines published by the group, including HK Magazine and the Hong Kong editions of Esquire, Elle, Harper’s Bazaar.
In this file picture Chinese Alibaba CEO Jack Ma is seen delivering a speech at “Action Day” at the COP21 World Climate Change Conference 2015 in Le Bourget, north of Paris, France, 05 December 2015
The company also has interests in recruitment, outdoor media, events and conferences, education and digital media.
The final deal is expected to be completed by May 31, 2016. China and media watchers are viewing the acquisition with caution.
Like many traditional news organizations, the Post needs capital to beef up its increasingly thin team of reporters and editors, but some are wary that the paper could become another mouthpiece for the Chinese government or Alibaba and its billionaire owner Jack Ma.
The newspaper is one of the most respected publications in the region, but has come under scrutiny in recent years for pulling punches in its reporting of China.
