Alibaba Group Holding, the e-commerce giant headed by billionaire Jack Ma, agreed to buy Hong Kong’s South China Morning Post and other affiliated media assets as the Internet tycoon follows in the footsteps of Jeff Bezos in pursuing the revival of a century-old newspaper.
Though financial terms weren’t disclosed, Alibaba said in a statement on Friday that the purchase will include the flagship newspaper and other related businesses including magazine and recruitment. The Chinese company also said it will scrap the publication’s Internet pay wall and that editorial decisions will be made "in the newsroom, not in the corporate boardroom."
The SCMP, once the envy of the industry in terms of profitability, has in recent years joined other mastheads in struggling to attract advertisers amid the rise of free publications online. Control of the city’s premier English- language broadsheet has been unchanged since media magnate Rupert Murdoch sold most of his stake to Malaysian billionaire Robert Kuok in 1993.
“Jack Ma is such an innovative and visionary figure that the future of the South China Morning Post under his control may actually be somewhat brighter,” said Peter Schloss, managing partner of CastleHill Partners LLC, a Beijing-based advisory and investment company. “Robert Kuok has lost interest in it. Jack would come in and invigorate the move it firmly in the digital space.”
For Alibaba, the purchase of the publication would raise the profile of its growing media empire. In June, Alibaba announced the purchase of a stake in one of China’s most influential business media companies and months later, helped set up a media and entertainment company called CMC Holdings.
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Though financial terms weren’t disclosed, Alibaba said in a statement on Friday that the purchase will include the flagship newspaper and other related businesses including magazine and recruitment. The Chinese company also said it will scrap the publication’s Internet pay wall and that editorial decisions will be made "in the newsroom, not in the corporate boardroom."
The SCMP, once the envy of the industry in terms of profitability, has in recent years joined other mastheads in struggling to attract advertisers amid the rise of free publications online. Control of the city’s premier English- language broadsheet has been unchanged since media magnate Rupert Murdoch sold most of his stake to Malaysian billionaire Robert Kuok in 1993.
“Jack Ma is such an innovative and visionary figure that the future of the South China Morning Post under his control may actually be somewhat brighter,” said Peter Schloss, managing partner of CastleHill Partners LLC, a Beijing-based advisory and investment company. “Robert Kuok has lost interest in it. Jack would come in and invigorate the move it firmly in the digital space.”
For Alibaba, the purchase of the publication would raise the profile of its growing media empire. In June, Alibaba announced the purchase of a stake in one of China’s most influential business media companies and months later, helped set up a media and entertainment company called CMC Holdings.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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