Alibaba may be set to make a major foray into the media and entertainment industries.

After announcing on Friday it was taking over China's top online video provider in a cash deal, rumors surfaced over the weekend that the mainland-based company is "in discussions" to invest in Hong Kong-based SCMP Group Ltd, which publishes the English-language newspaper South China Morning Post.

On Sunday, a spokesman for Alibaba told China Daily the company does not comment on market rumors. The communications department at SCMP Group did not respond to an inquiry.