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Alibaba to buy South China Morning Post

Friday, December 11, 2015 - 21:18
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Chinese e-commerce giant Alibaba saw its revenue jump 32 per cent year-on-year for the quarter ending in December, it said in a statement Thursday, despite slowing growth in the world's second-largest economy.

[BENGALURU] Chinese e-commerce giant Alibaba Group Holding Ltd said it would buy publisher SCMP Group Ltd's media assets, including the South China Morning Post newspaper.

The deal also includes licenses to several publications, including Hong Kong editions of Elle, Cosmopolitan and Harper's Bazaar.

Financial terms of the deal were not disclosed.

SCMP has a market value of HK$3.04 billion, or US$392 million, according to Thomson Reuters data.

REUTERS