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 for US$266 million ($376 million).
The deal includes the century-old newspaper, outdoor advertising, digital assets and magazines, SCMP Group said in a filing Monday. The Chinese company last week 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.
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The deal includes the century-old newspaper, outdoor advertising, digital assets and magazines, SCMP Group said in a filing Monday. The Chinese company last week 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.
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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