Alibaba has been on an acquisition spree, most recently with a Hong Kong newspaper:

China’s Alibaba confirmed that it has “entered into a definite agreement to acquire” the struggling Hong Kong-based newspaper the South China Morning Post (SCMP). It includes all the assets of the SCMP Group, which includes stakes in some web startups. The financial terms are not disclosed.

“The South China Morning Post is unique because it focuses on coverage of China in the English language. This is a proposition that is in high demand by readers around the world who care to understand the world’s second largest economy,” said Joe Tsai, executive vice chairman of Alibaba Group, in a statement. “Our vision is to expand the SCMP’s readership globally through digital distribution and easier access to content.”

Alibaba’s buy-out of the SCMP is the latest in many big moves into media and content by the ecommerce titan. A few months ago, Alibaba paid out US$4.2 billion to acquire China’s top video site company, Youku Tudou. It runs the Youku and Tudou sites, which combine user-generated content with licensed movies and TV series. It also has a film studio.

Tsai explained their decision to the sub-100,000 readership of the SCMP: “So, you’re probably wondering why. Why is Alibaba buying into traditional media, considered by some a sunset industry? The simple answer is that we don’t see it that way.” He adds that SCMP will continue to focus on “editorial excellence” and keeping readers’ trust as it adapts to fit in with fast-evolving new media and the way news is read via social media. No specific plans are revealed.

The newspaper was founded in 1903. Alibaba is acquiring it from Malaysian tycoon Robert Kuok’s Kerry Media, which bought the controlling interest from News Corp in 1993. The SCMP has a paywall, but its slowly rising digital revenues are not making up for tanking print sales.

See the full article from TechinAsia here.

Alibaba also recently invested in music streaming- see more here.

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