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SCMP's publishing office at Leighton Road. Photo: May Tse
SCMP Group, which publishes the South China Morning Post, has confirmed that it has received a preliminary approach from an interested party regarding a possible purchase of the company’s media assets. This includes the newspaper, magazines and outdoor media, custom publishing and events businesses.
“The preliminary understanding is that the potential purchaser would like to have continuity in the media business’ operations, and that minimal disruption of the media business is expected,” SCMP Group CEO Robin Hu said in a message to staff.
SCMP CEO Robin Hu. Photo: May Tse
“We would also use our best endeavour to ensure the interests of employees would be well taken care of.”
He said that discussions are at a very early stage and the sale is subject to regulatory review and approval.
“[While] both parties will approach discussions in good faith, there is no guarantee such an outcome will ultimately materialise,” Hu said.
Over the past few weeks, there has been intense speculation that Jack Ma, chairman of the mainland internet giant Alibaba Group, was in talks to buy the Post’s media assets. Alibaba declined to comment and SCMP Group declined to reveal the identity of the potential buyer.
Hu said that the SCMP Group remained a profitable and professionally managed company with a robust print business, supplemented by a growing digital business and other lines. According to the group’s annual report, it has recorded consolidated annual revenues of over $1 billion in the past three years, and has consistently outperformed peers on profit margin.
“In serving our readers in Hong Kong and globally, and consistent with our long and distinguished history, the board and management remain committed to continue to run the South China Morning Post as an independent and insightful newspaper admired by peers and opinion leaders alike.”
“Editorial independence is fundamental to our global reputation and success, and is a key reason the SCMP is seen as a valuable asset. We believe it is in the best interest of shareholders large and small to preserve this core value.”
He said the company would continue its strategy of growing its core business, regardless of the outcome of the approach.
Members of Socialist Action and lawmaker Leung Kwok-hung ‘Long Hair’ (right) picket SCMP’s Leighton Road office against Alibaba’s purchase of the Post. Photo: Edward Wong
The South China Morning Post and its incoming new owner, Alibaba Group, dismissed concerns about the newspaper’s editorial independence, as a small group of demonstrators protested at the impending takeover yesterday.
About 10 protesters, from the League of Social Democrats and concern group Socialist Action, held up banners and shouted slogans outside the Post’s Causeway Bay office, claiming press freedom in Hong Kong was under threat with China’s e-commerce giant buying into the local media.
An Alibaba spokesman responded: “We will let our readers decide.”
He referred to a letter written by Alibaba executive vice-chairman Joseph Tsai to Post readers earlier. “In reporting the news, the SCMP will be objective, accurate and fair,” Tsai promised in the letter, adding that “day-to-day editorial decisions will be driven by editors in the newsroom, not in the corporate boardroom”.
The Post also issued a statement yesterday citing Alibaba’s aim to marry its digital expertise with the paper’srich editorial heritage to continue delivering quality news that readers could trust.
“With this commitment to uphold editorial independence, and the injection of technology and resources, the South China Morning Post will continue our unwavering mission to uphold our 112-year tradition of editorial excellence,” it said.
But Socialist Action chairwoman Sally Tang Mei-ching said Alibaba would “inevitably force the SCMP to engage in self-censorship in order to stay online” on the mainland.
She was joined by League of Social Democrats lawmaker “Long Hair” Leung Kwok-hung.
Alibaba has agreed to pay HK$2.06 billion for the Post and all other media assets owned by the SCMP Group.
