Alibaba to buy South China Morning Post

Alibaba Group Holding Ltd, the e-commerce giant headed by billionaire Jack Ma, 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. The SCMP, once the envy of the industry in terms of profitability, has in recent.

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