Tencent Music to buy Chinese audio platform Ximalaya for $2.4 billion

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China’s Tencent Music Entertainment Group said on Tuesday it would buy domestic long-form audio platform Ximalaya for about $2.4 billion in cash and stock, expanding its library of content to attract more paying users.

The deal will give Tencent Music access to a diverse creator network that includes professional and user-generated content on topics spanning history, business and entertainment.

It is one of the few sizeable M&A transactions in the technology sector in China in the recent years. An unprecedented regulatory crackdown on private…



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Tencent Music to buy Chinese audio platform Ximalaya for $2.4 billion


China’s Tencent Music Entertainment Group said on Tuesday it would buy domestic long-form audio platform Ximalaya for about $2.4 billion in cash and stock, expanding its library of content to attract more paying users.

The deal will give Tencent Music access to a diverse creator network that includes professional and user-generated content on topics spanning history, business and entertainment.

It is one of the few sizeable M&A transactions in the technology sector in China in the recent years. An unprecedented regulatory crackdown on private…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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