World Economy

Alibaba Buying HK Daily for $266m

Alibaba Buying HK Daily for $266mAlibaba Buying HK Daily for $266m

Alibaba Group Holding Ltd has agreed on a $266 million deal to acquire the 112-year old Hong Kong’s leading English-language newspaper South China Morning Post and other media assets of SCMP Group Ltd, a deal that has raised a question over the outlook for its editorial independence, Reuters reported. In a filing to the Hong Kong stock exchange on Monday, SCMP Group Ltd cited an “uncertain” future for traditional publishing as a key reason behind the sale, adding Alibaba would likely be able to “unlock greater value” from the business.