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Hong Kong's SCMP confirms offer received for media business
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In this Dec. 27, 2012, file photo, some front pages and section fronts of the Orange County Register are seen in the newsroom in Santa Ana, Calif. Freedom Communications Inc., owner of the Orange County Register, has filed for bankruptcy, and the newspaper's publisher says he plans to lead a bid to purchase the troubled company. The Santa Ana-based Register reported Sunday, Nov. 1, 2015, that Freedom filed for Chapter 11 bankruptcy protection in US Bankruptcy Court's Central District of Calif. (AP/Jae C. Hong) (AP/Jae C. Hong)
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span class="inline inline-center">In this Dec. 27, 2012, file photo, some front pages and section fronts of the Orange County Register are seen in the newsroom in Santa Ana, Calif. Freedom Communications Inc., owner of the Orange County Register, has filed for bankruptcy, and the newspaper's publisher says he plans to lead a bid to purchase the troubled company. The Santa Ana-based Register reported Sunday, Nov. 1, 2015, that Freedom filed for Chapter 11 bankruptcy protection in US Bankruptcy Court's Central District of Calif. (AP/Jae C. Hong)
The publisher of Hong Kong's leading English language newspaper says it's considering an offer for its media business.
SCMP Group did not identify the potential buyer. The announcement comes days after news reports that billionaire Jack Ma, the founder of Chinese e-commerce giant Alibaba, is interested in acquiring the South China Morning Post newspaper.
SCMP said it has received a "preliminary approach from a third party" for a possible purchase of its media assets.
The company said the discussions are at a "very early stage" and terms of a deal are subject to "regulatory review."
In a front-page story, the newspaper noted the "intense speculation" that Ma was in talks to buy the company's media businesses, which also include magazines, advertising and custom publishing.
The 112-year-old newspaper is Hong Kong's biggest and most influential English-language newspaper and followed for its reporting on China. Media mogul Rupert Murdoch owned a controlling stake in the paper for seven years until selling it in 1993 to its current owner, Malaysian sugar tycoon Robert Kuok, who controls it through his Kerry Group.
The South China Morning Post was once reputed to be the world's most profitable newspaper but its fortunes have dwindled along with the traditional newsprint industry as the Internet changed news consumption habits.
Speculation about an Alibaba deal first emerged on Nov. 9 when the state-owned China Daily newspaper reported on a possible investment. Alibaba did not immediately comment. (+)
