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Ma said in talks to buy SCMP stake
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Internet giant Alibaba鈥檚 founder and Chairman Jack Ma is reported to be in talks to buy a stake in Hong Kong鈥檚 South China Morning Post newspaper.
Ma has been negotiating the deal with the SCMP Group鈥檚 major shareholder, the Kuok family, since last year and the contract will be signed shortly, Caixin magazine said yesterday, citing an unnamed source.
Both Alibaba and the SCMP Group declined to comment.
The South China Morning Post was founded in 1903 and is the most widely circulated English language newspaper in Hong Kong. The SCMP Group, which has printing and publishing businesses, is listed on the Hong Kong stock exchange and reported net profit of HK$208.7 million (US$26.9 million) in the first half of 2015, Xinhua news agency said.
The paper has been controlled since 1993 by Malaysian billionaire Robert Kuok, who acquired it from Rupert Murdoch.
Alibaba has invested in the media sector including a recent bid for the remaining shares of US-listed video streaming site Youku Tudou.
In June, Alibaba invested 1.2 billion yuan (US$188 million) in Shanghai-based business news service provider China Business Network to tap the booming financial information and data services market.
The e-commerce giant has also invested US$800 million in Hong Kong-listed ChinaVision Media, and formed a strategic tie-up with film production company Beijing Enlight Media Co. Ma鈥檚 venture capital partners invested US$1 billion in digital television network operator Wasu Media Holding.
Ma and his company have also injected funds in car-hailing app Didi Kuaidi to secure its position in the mobile Internet sector, and bought a stake in soccer team Guangzhou Evergrande and financial software maker Hundsun Technologies.
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