Alibaba Group founder Jack Ma is in advanced talks for purchase of stake in SCMP Group Ltd. (00583.HK), the publisher of Hong Kong’s top English language newspaper South China Morning Post, Bloomberg News reported, citing people familiar with the matter.
A signing ceremony could be announced soon, a source was quoted as saying.
SCMP Group and Alibaba both declined to comment, the report said.
Ma said in an interview earlier this month that he is “watching a lot of companies right now”. He did not go into specifics.
SCMP Group, which has posted three years of profit declines, has been suspended from trading since February 2013 after the company failed to meet the 25 percent minimum public float requirement.
Once the world’s most profitable newspaper, SCMP has been beset by falling earnings and shrinking circulation as readers shift online.
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