Alibaba Okays $266 Million Acquisition of South China Morning Post

Alibaba is all set to acquire the South China Morning Post and media assets of the group at a disclosed amount of $266 million. SCMP Group has cited the reason of sale as “uncertain future”, whereas Alibaba announced that this acquisition will help them unlock great value out of the business.

This deal has raised many objections by certain groups as they feel that it will curb editorial independence, however Alibaba’s senior management has confirmed that the group will not compromise the editorial independence of the readers. There is no certainty yet about the retention of existing staff at SCMP.

alibaba-okays-266-million-acquisition-of-south-china-morning-post

South China Morning Post is a 112 year old newspaper which was controlled till now by Malaysian tycoon Rober Kuok and will now be transferred to Alibaba’s founder Jack Ma.

SCMP is considered as sensitive in mainland China as it reports on prevalent issues and topics of the regions, besides the fact that many international media websites are blocked in this part of the world.

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