Norton Rose Fulbright has advised SCMP Group Limited (“SCMP Group”) on the HK$2.06 billion (approximately US$266 million) sale of its media business to Alibaba Investments Limited, a wholly owned subsidiary of Alibaba Group Holding Limited.

In addition to the sale of Hong Kong’s leading English-language newspaper, the South China Morning Post, the disposal includes other media assets of SCMP Group including magazine, recruitment, outdoor media, events, conferences, education and digital media businesses of the group. The disposal also comprises other SCMP titles including the Sunday Morning Post, its digital platform SCMP.com and related mobile apps, and Chinese websites Nanzao.com and Nanzaozhinan.com along with HK Magazine and the local editions of Esquire, Elle, Cosmopolitan, The PEAK and Harper’s BAZAAR.

SCMP Group will continue to be listed on the Hong Kong Stock Exchange with a focus on property investment.

The transaction constitutes a very substantial disposal for the SCMP under the Hong Kong listing rules, and is subject to shareholder approval.

The Norton Rose Fulbright team was led by partner Jon Perry, assisted by associate Esther Yee, and trainees Jane Yau and Henry Trevelyan Thomas (all Hong Kong).