ALIBABA Group Holding Ltd. has agreed to buy Hong Kong’s flagship English-language newspaper, the South China Morning Post (SCMP), in the most politically sensitive acquisition by the e-commerce giant to date.

    Alibaba and SCMP Group Ltd. announced Friday that the Hangzhou-based company would buy the 112-year-old newspaper and other media properties for an undisclosed amount.

    Alibaba has acquired or invested in a growing portfolio of media and content companies in recent years. In June, the company agreed to pay US$194 million for an undisclosed stake in the China Business News, the domestic financial media firm.

    “The SCMP has iconic status in the region, with a strong reputation internationally for the quality and credibility of its journalism over the years,” Joe Tsai, executive vice chairman of Alibaba Group, said in a letter to SCMP readers.

    “Like many print media, however, the SCMP faces challenges amid the dramatic changes in the way news is reported and distributed. But these changes play to Alibaba’s strengths, which is why we believe the two companies complement each other well.”

    Alibaba chairman Jack Ma is no stranger to controversy at the newspaper.

    Tsai sought to address concerns about editorial independence in his letter.

    “In reporting the news, the SCMP will be objective, accurate and fair ... day-to-day editorial decisions will be driven by editors in the newsroom, not in the corporate boardroom.”

    Friday’s agreement includes SCMP Group’s other media assets, such as licenses to the Hong Kong editions of Esquire, Elle, Cosmopolitan and Harper’s Bazaar.

    Financial terms of the deal were not disclosed.

    SCMP has a market value of HK$3.04 billion (US$392 million, according to Thomson Reuters data.(SD-Agencies)