Alibaba’s Jack Ma In Talks To Buy Newspaper

Jack Ma and Alibaba

Alibaba founder and CEO Jack Ma is reportedly in talks to purchase the South China Morning Post, an English speaking newspaper.

Bloomberg reported the talks Monday, citing two people familiar with the matter.

Newspaper acquisitions are becoming a popular topic among internet tycoons these days. Jeff Bezo’s purchased the Washington Post for $250 million, while Facebook co-founder Chris Hughes purchased a majority stake in the New Republic. Amazon founder Jeff Bezos also purchased a small stake in Business Insider, which he continues to hold after the company was purchased for $455 million by Axel Springer.

The SCMP announced earlier this month that editor-in-chief Wang Xiangwei, who has held the role since 2012, will be stepping down at the end of the year.

The newspaper group has seen revenues drop for the past three years, and print circulation has also dipped.

Through Alibaba, Ma has been increasingly active in leading various media and entertainment investments.

Alibaba recently bought Youku Tudou — China’s answer to YouTube — for $3.6 billion.

Written by Lane Hanson

Lane Hanson is BusinessPundit's Economy Editor. He reports on major changes in the US and Global Economies.