Hong Kong's SCMP Group confirms approached about possible sale of media assets

Great Wall Pan Asia Holdings

25/11/2015 15:36

(Repeats to additional subscribers) 
    SINGAPORE, Nov 25 (Reuters) - SCMP Group Ltd  0583.HK , 
publisher of Hong Kong's South China Morning Post, said it has 
been approached by a third party that is potentially interested 
in acquiring its media assets, days after reports that Alibaba's 
Jack Ma was in talks to buy a stake. 
    "The board confirms that the company has received a 
preliminary approach from a third party regarding its interest 
in a possible purchase of the company's media assets," SCMP said 
in a filing on the Hong Kong stock exchange on Wednesday. 
    "Consideration of such proposal is at a very early stage and 
the terms of any potential transaction remain subject to 
discussion and to regulatory review."  urn:newsml:reuters.com:*:nWNBS01P5K 
    On Monday, Bloomberg had reported that Ma, founder and 
executive chairman of Chinese e-commerce giant Alibaba Group 
Holding Ltd  BABA.N , was in advanced talks to take a stake in 
SCMP Group, citing unidentified sources familiar with the 
matter. It did not say what size stake. 
    Bloomberg also said a signing ceremony would be announced 
soon, though it did not elaborate on financial details. 
 urn:newsml:reuters.com:*:nL3N13I2JX 
    The China Daily newspaper reported rumours of an investment 
in SCMP by Ma or Alibaba on Nov. 9. 
    Alibaba, which acquired a stake in Chinese financial media 
firm China Business News in June, and its affiliates have been 
expanding into the media sector with a number of deals in news 
and advertising.  urn:newsml:reuters.com:*:nASB09QP5 
 
 (Reporting by Lee Chyen Yee in Singapore; additional reporting 
by Bengaluru newsroom; Editing by Susan Fenton) 
 ((chyenyee.lee@thomsonreuters.com;)(65)(6403-5661)) 
 
Keywords: SCMP M&A/