Alibaba has jumped into the news business after the Chinese company confirmed on Friday that it has agreed to acquire the South China Morning Post . The Hong Kong-based newspaper and SCMP Group's other assets will cost Alibaba a little over HK$2 billion - around US$262 million - according to a regulatory filing . In a letter to SCMP readers , Alibaba executive chairman Joe Tsai said that the company would not exert pressure on the paper's work, but instead intends to use its resources and digital savvy " to take the SCMP to the next level." In particular, Tsai argued, there’s a need for stronger coverage of China. The problem here is that SCMP, which is over 100 years old and often viewed as an indicator of press freedom levels in Hong Kong, already faces criticism for shaping its coverage of China with a more positive stance than other outlets.