Just over two months ago Alibaba agreed to acquire Hong Kong’s flagship English language daily, the South China Morning Post, and now it appears the media spending spree isn’t over.
In a statement on Wednesday, Caixin Media Company Ltd., the well-known publisher of Chinese finance magazine Caixin, revealed they were in talks with new investors. Sources cited by the Wall Street Journal say the talks are indeed with Alibaba’s financial arm, Ant Financial.
Caixin’s statement notes that the potential partner will not “violate Caixin’s editorial independence,” and that no concrete terms have yet been laid out.
Caixin’s flagship magazine is one of the most influential names in Chinese finance, business and politics coverage. The publication has a strong data and analytics background, and maintains indices covering a wide range of Chinese industry.
The synergies between Alibaba and Caixin are numerous. The tech powerhouse has been leading an aggressive expansion into media, entertainment and content. In late 2015 they bought out the remaining stake in video streaming site Youku. In December Alibaba forked out $266 million USD to acquire the South China Morning Post.
Alibaba has also joined forces with Tencent to produce original film content, as well as growing out Alibaba pictures, their film production and marketing arm founded in early 2015.
Alibaba has also been extending into financial management services, which could see strategic benefits from a partnership with Caixin Media. Caixin didn’t state how much they are seeking to raise in the upcoming round, or any other financial terms specific to the deal.