Chinese tech giant Alibaba announced last week that it is buying the South China Morning Post, the leading English-language daily newspaper in Hong Kong. On Monday, the company announced the acquisition came at a cost of $266 million.
Alibaba is buying the SCMP Group for HK$2.06 billion ($266 million), just slightly more than the $250 million that Amazon’s Jeff Bezos paid for the Washington Post in 2013.
The company will also acquire the rest of SCMP’s businesses, including a weekly magazine, education unit, conferences, and all other digital properties in the desktop and mobile space.
The deal also includes a portfolio of magazines published by the company, including HK Magazine, and the local editions of well-known media brands Esquire, Elle, Cosmopolitan and Harper’s Bazaar.
Starting in February 2016 the South China Morning Post said it would start printing the International New York Times for the mainland China and Hong Kong markets. It has not confirmed if that printing will be part of the Alibaba deal.
The deal remains subject to regulatory approvals.
The group that currently own the SCMP will hold onto its real estate investments business which earned HK$28.7 million ($3.7 million) in 2014, according to the filing.
Earlier today we report that the Las Vegas Journal-Review has also been purchased by a mysterious buyer for $140 million. It’s a good time to be a newspaper publisher looking for a buyer.