Alibaba to pay US$266 million for Hong Kong's SCMP newspaper

Chinese Internet giant Alibaba will pay US$266 million for Hong Kong's South China Morning Post, the newspaper said on Monday, far higher than analysts' estimates in a deal that has sparked fears the paper will lose its independent voice.

The business had been valued at half that amount, and some observers said the hefty price tag reflects Alibaba's desire to control media in the semi-autonomous territory.

The deal comes as concern over press freedom grows after attacks on journalists, reports of pressure on editorial staff from authorities and increasing self-censorship .... https://uk.finance.yahoo.com