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Alibaba's Jack Ma seeking stake in SCMP publisher: Bloomberg
2015-11-24 01:50:38 GMT2015-11-24 09:50:38(Beijing Time) Agencies
Alibaba CEO Jack Ma gestures as he is introduced to participate in a panel discussion at the APEC CEO Summit in Manila, Philippines, November 18, 2015.
Jack Ma, founder and executive chairman of Alibaba Group Holding Ltd, is in talks to buy a stake in the publisher of Hong Kong's South China Morning Post (SCMP), Bloomberg reported on Monday citing unidentified sources familiar with the matter.
The discussions were at an advanced stage and a signing ceremony would be announced soon, Bloomberg said. It did not give the size of the stake, financial details or mention how Ma, who controls various investment vehicles, would invest.
Alibaba and SCMP declined to comment.
There has been speculation this month that Ma or his e-commerce juggernaut Alibaba were in talks to take a stake in the newspaper's parent SCMP Group Ltd. The China Daily newspaper reported rumors of the investment on Nov. 9.
The investment would add to Alibaba and its affiliates' growing media empire, the latest in a string of deals in news and advertising.
In June, Alibaba paid $194 million for a stake in the mainland's China Business News.
Ma has had a fraught relationship with the SCMP in the past. In 2013, a reporter for the newspaper quit after quoting Ma as having made remarks in support of Beijing's violent crackdown on pro-democracy protesters around Tiananmen Square in 1989.
SCMP Group's shares have been suspended since February 2013 because it did not meet the minimum required percentage of total issued share capital available on the public market.
2015-11-24 01:50:38 GMT2015-11-24 09:50:38(Beijing Time) Agencies
Alibaba CEO Jack Ma gestures as he is introduced to participate in a panel discussion at the APEC CEO Summit in Manila, Philippines, November 18, 2015.
Jack Ma, founder and executive chairman of Alibaba Group Holding Ltd, is in talks to buy a stake in the publisher of Hong Kong's South China Morning Post (SCMP), Bloomberg reported on Monday citing unidentified sources familiar with the matter.
The discussions were at an advanced stage and a signing ceremony would be announced soon, Bloomberg said. It did not give the size of the stake, financial details or mention how Ma, who controls various investment vehicles, would invest.
Alibaba and SCMP declined to comment.
There has been speculation this month that Ma or his e-commerce juggernaut Alibaba were in talks to take a stake in the newspaper's parent SCMP Group Ltd. The China Daily newspaper reported rumors of the investment on Nov. 9.
The investment would add to Alibaba and its affiliates' growing media empire, the latest in a string of deals in news and advertising.
In June, Alibaba paid $194 million for a stake in the mainland's China Business News.
Ma has had a fraught relationship with the SCMP in the past. In 2013, a reporter for the newspaper quit after quoting Ma as having made remarks in support of Beijing's violent crackdown on pro-democracy protesters around Tiananmen Square in 1989.
SCMP Group's shares have been suspended since February 2013 because it did not meet the minimum required percentage of total issued share capital available on the public market.