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Alibaba Agrees to Acquire South China Morning Post

trueblue-2Jack Ma the billionaire who heads the e-commerce giant Alibaba Group Holdings announced the company would acquire the South China Morning Post, Hong Kong’s English language newspaper and other media assets.

Ma is following the footsteps of Amazon founder Jeff Bezos in pursuing the revival of the newspaper that is more than a century old.

The purchase of the paper includes the flagship paper and other businesses related including a magazine said the SCMP Group in a prepared statement.

No financial terms were discussed about the deal.

The SCMP was once the envy of the entire industry in terms of its profitability, but has to in recent years joined other businesses trying to attract advertisers amidst the increase of free online publications

Control of the premier English language newspaper in Hong Kong has remained the same since 1993 when Robert Kuok a billionaire from Malaysia purchased the magazine from Rupert Murdoch a media magnate.

An investment and advisory company said that Ma was innovated as well as a visionary, which means the South China Morning Post might have a bright future under his wings.

For Alibaba, this purchase would increase it profile in the expanding media empire. This past June Alibaba announced it had purchased a stake in the most influential medial business and has helped to set up the entertainment and media company know as CMC Holdings.

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