China's e-commerce giant Alibaba Group announced on Friday night it has acquired South China Morning Post (SCMP), Hong Kong's leading English-language newspaper.

The purchase involves the media assets of SCMP, including its paper and online editions, magazine and outdoor media, according to a statement from Alibaba.

The agreement combines the editorial excellence of SCMP with Alibaba's digital expertise to provide a quality platform for the English world to understand China, it said.

"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," he said.

Readers will be able to access SCMP's content for free on the Internet and mobile devices, said Tsai in a letter to SCMP readers.

SCMP will keep its editorial independence, according to Tsai.

SCMP, founded in 1903, is a listed media company in Hong Kong.