Alibaba Group has entered into a definite agreement to acquire the South China Morning Post (SCMP). The agreement also includes acquisition of the magazine, recruitment, outdoor media, events & conferences, education and digital media businesses of SCMP Group Limited (SEHK: 0583). Alibaba has agreed to pay HK$2.06 billion (US$266 million) for SCMP Group for the SCMP and all other media assets.
Apart from SCMP and SCMP.com, the group also owns two Chinese websites, Nanzao.com and Nanzaozhinan.com, and a portfolio of magazine titles which includes the Hong Kong editions of Esquire, Elle, Cosmopolitan, The PEAK and Harper’s Bazaar.
Source: Business Strategies Group Hong Kong – www.bsgasia.com