Alibaba agrees to pay $266 million for South China Morning Post

December 14, 2015 1:09 AM

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SHANGHAI Alibaba Group Holding Ltd has agreed to pay HK$2.06 billion ($265.8 million) to acquire Hong Kong's flagship English-language newspaper the South China Morning Post (SCMP), the newspaper group said in a statement on Monday.

Alibaba and SCMP Group Ltd announced on Friday the Hangzhou-based company would buy the 112-year-old newspaper and other media properties, but did not put a value on the deal.

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