Alibaba buys newspaper

Aubrey Beardsley's Ali BabaAsian giant Alibaba said it has bought the South China Morning Post and the other media assets it owns.

The reason for the acquisition is because it can use the editorial team to provide reading for people in Hong Kong and mainland China.

Joe Tsai, executive vice chairman of Alibaba said he has a vision – to expand the newspaper’s readership globally through digital distribution and easier access to content.

Alibaba didn’t say how much it would pay for the assets of the newspaper, which include Hong Kong editions of Esquire, Elle, Cosmopolitan, The Peak, and Harper’s Bazaar.

The CEO of the newspaper group, Robin Hu, said he expected Alibaba to put more money into the titles.