Alibaba group, the sales service, providing web portal company, finally ended up the rumors. Alibaba confirms it is buying the South China Morning Post for $262M. The Chinese company on Friday confirmed about its accumulation with the information enterprise. Acquiring the South China Morning Post (SCMP) and other assets of the group that includes a local edition of Esquire and Elle, Alibaba has jumped into the new business. It would cost Alibaba around $262 million as filed by the regulatory.
The Price Was Not Disclosed To Avoid Headlines
The cost was not disclosed with the announcement of the deal late on Friday night at around 9 PM China time. The e-commerce giant didn’t reveal the cost of the deal to avoid the headline creation with this deal and suggested to be the awfully suspicious time.
Alibaba Executive Chairman Joe Tsai, in his letter to SCMP readers, said, Alibaba wouldn’t exert pressure on the paper’s work and is intended to use the resources and ability for making a way ahead for SCMP. He further argued that there is a stronger coverage need of China.
About SCMP’s Accusations
- SCMP often viewed as an indicator for past freedom levels in Hong Kong and is over 100 years old has been already facing criticism for shaping coverage of China with a positive stance, unlike other outlets.
- The SCMP was once believed as the most profitable newspaper in the world, has been accused of burying the news that are sensitive to the Beijing Authorities.
- On this regards an Al Jazeera report suggested last August, that the editorial line on China in the paper is looking more as was crafted in Beijing.
- Media is commonly accused of bias as everyone journalist, and other do have the right to suggest and portray their opinion, but the raised accusations against SCMP are substantial in more in comparison to others.
- There have been found many claims about the newspaper regarding distorting coverage of China.
The Alibaba Executive Chairman Tsai said what’s good for China is even better for Alibaba. Expectations have risen with the entry of Alibaba, the corporate company, that it would like the world to know more about China.
— Alibaba Group (@AlibabaGroup) December 11, 2015