Alibaba has agreed to acquire the South China Morning Post (SCMP) and other media assets of SCMP Group for $266m.
The deal also includes the magazine, recruitment, outdoor media, events & conferences, education and digital media businesses of SCMP Group.
Apart from the broadsheet, other SCMP titles include the Sunday Morning Post, its digital platforms SCMP.com and associated mobile apps, and the two Chinese websites, Nanzao.com and Nanzaozhinan.com.
The acquisition also includes a portfolio of magazine titles such as the Hong Kong editions of Esquire, Elle, Cosmopolitan, The PEAK and Harper’s Bazaar.
SCMP covers Chinese news in the English language. Alibaba plans to expand the SCMP’s readership globally via digital distribution and easier access to content.
SCMP CEO Robin Hu said: "With proven expertise especially in mobile Internet, Alibaba is in an excellent position to leverage technology to create content more efficiently and reach a global audience."
Alibaba has acquired or invested in a portfolio of media and content firms in recent years.
In June, Alibaba agreed to buy an undisclosed stake in domestic financial media company China Business News for $194m.
The company has also offered to acquire the remaining shares in Chinese video streaming firm Youku Tudou that it does not currently own for $4.6bn.
