Alibaba Group Holding Ltd (NYSE:BABA) announced that it has entered into a definite agreement to acquire the South China Morning Post (SCMP) and other media assets of SCMP Group Limited (SEHK: 0583).

The agreement combines the heritage and editorial excellence of the SCMP with Alibaba’s digital expertise to provide comprehensive and insightful news and analysis of the big stories in Hong Kong and China.

“The South China Morning Post is unique because it focuses on coverage of China in the English language. This is a proposition that is in high demand by readers around the world who care to understand the world’s second largest economy,” said Joe Tsai, executive vice chairman of Alibaba Group. “Our vision is to expand the SCMP’s readership globally through digital distribution and easier access to content.”

“With proven expertise especially in mobile Internet, Alibaba is in an excellent position to leverage technology to create content more efficiently and reach a global audience,” said Robin Hu, Chief Executive Officer of SCMP. “We welcome Alibaba’s commitment to invest additional resources in its editorial and business operations to make the SCMP even stronger.”

Apart from the flagship South China Morning Post newspaper, the agreement includes the acquisition of the magazine, recruitment, outdoor media, events & conferences, education and digital media businesses of SCMP Group Limited. Besides the broadsheet, other SCMP titles include the Sunday Morning Post, its digital platforms and related mobile apps, and the two Chinese websites and The acquisition also includes a portfolio of magazine titles including the Hong Kong editions of Esquire, Elle, Cosmopolitan, The PEAK and Harper’s Bazaar. (Original Source)

Shares of Alibaba Group closed yesterday at $84.33, up $0.91 or 1.09%. BABA has a 1-year high of $111.20 and a 1-year low of $57.20. The stock’s 50-day moving average is $81.28 and its 200-day moving average is $77.10.

On the ratings front, Alibaba has been the subject of a number of recent research reports. In a report issued on November 30, Goldman Sachs analyst Piyush Mubayi maintained a Buy rating on BABA, with a price target of $102, which implies an upside of 21.0% from current levels. Separately, on November 24, J.P. Morgan’s Doug Anmuth assigned a Buy rating to the stock and has a price target of $97.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Piyush Mubayi and Doug Anmuth have a total average return of 4.4% and 23.7% respectively. Mubayi has a success rate of 60.9% and is ranked #1225 out of 3638 analysts, while Anmuth has a success rate of 68.0% and is ranked #7.

Overall, 2 research analysts have assigned a Hold rating and 20 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $94.07 which is 11.5% above where the stock closed yesterday.