Alibaba Group in $266m South China Morning Post deal

Alibaba Group has agreed on a $266m (€205.5m) deal to acquire the South China Morning Post and other media assets of SCMP Group. The deal has raised questions over editorial independence.

In a filing to the Hong Kong stock exchange yesterday, SCMP 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.

The cash purchase gives control of the 112-year-old English-language newspaper from Malaysian tycoon Robert Kuok to Chinese billionaire Jack Ma at a time of growing concern at Beijing’s hold on China’s most free-wheeling city.