China's Alibaba pays $266M for Hong Kong newspaper

Hong Kong: The publisher of Hong Kong's South China Morning Post says China's Alibaba is buying the English-language newspaper for 2.06 billion Hong Kong dollars (USD 266 million).

SCMP Group revealed the sale price on Monday in a filing to the Hong Kong stock exchange.

The deal was announced on Friday but no amount was given for the transaction. The sale of the 112-year paper, which has a wide international following for its China coverage, has stirred concern that its reporting would be softened under the ownership of a Chinese company.

The deal is latest media-related acquisition for Alibaba as it diversifies beyond its core business of online shopping.

The SCMP said in its filing that traditional publishing has an uncertain future and a new owner will be able to unlock greater value.