Image Credit: thehimalayantimes.com
Chinese e- commerce giant, Alibaba is going to buy South China Morning Post (SCMP)- a Hong Kong-based newspaper. Though price-related issue of buying or selling price on this take over hasn’t been revealed yet has a current market value of $392m or £258.5m which equals the worth of HK$3bn. Alibaba will have the decision to discard the ‘paywall’ from the website of this newspaper to make available its configuration and content freely. ‘Alibaba’ authority stated that, the title of this newspaper is really unique and it covers news in English language from China. From the statement of the executive vice chairman of Alibaba organisation- ‘Joe Tsai’, it’s been known, “such broadcasting and coverage has a great demand among the global readers who wish to be informed about the ‘economical trend’ of China which has been turned into the second-largest economy in the world”.
In another letter acknowledging to the readers, Mr. Tsai stated ‘Alibaba projects the absolute scope to correlate technology with the profound convention and tradition of SCMP to manipulate a perception of news for the digital generation’. Mr. Tsai also added more about this issue that, ‘SCMP will be capable of maximizing its central values of trust, aspect, quality, and righteousness by adding extra resource only’. A chief executive from SCMP- ‘Robin Hu’ has welcomed this initiatives and commitment from Alibaba to invest on the title of this newspaper. He also stated that, Alibaba has been in an excellent state including proven competence in terms of mobile internet, so following the trend Alibaba can generate content more effectively by having advantages of its technological features and reputation and access to a global followers or audiences. SCMP was established in 1903, but their recent profit margin and sales volume have been declined in many other countries all over the world. The contract also incorporates licenses on Hong Kong-based publications, including Elle, Harper’s Bazaar, and Cosmopolitan magazines. The stocks of Alibaba in New York listing index has been declined by 5.4% after the contract got declared.