Alibaba agrees to buy HK daily SCMP

Beijing

ALIBABA Group Holding Ltd, the e-commerce giant headed by billionaire Jack Ma, has agreed to buy Hong Kong's South China Morning Post and other affiliated media assets as the Internet tycoon follows in the footsteps of Jeff Bezos in pursuing the revival of a century-old newspaper.

The purchase includes the flagship newspaper and other related businesses including magazine and recruitment, SCMP Group Ltd said in a statement. Financial terms weren't disclosed.