Tencent Music eyes podcast startup Ximalaya for $2.4 billion
Reuters The logo of China's Tencent Music Entertainment Group (file image)
Tencent Music Entertainment Group is in advanced talks to buy Chinese podcasting startup Ximalaya Inc. in a $2.4 billion deal that would accelerate its push to become China's answer to Spotify Technology SA, according to people with knowledge of the matter.Tencent Music, controlled by Chinese tech firm Tencent Holdings Ltd., plans to use a combination of cash and shares for the acquisition, said the people, asking not to be named because the information is private. An agreement could be reached as soon as the coming weeks, the people said.
Talks are ongoing and no final decisions have been made, the people said. A representative for Tencent Music didn't immediately respond to a request seeking comment, while Ximalaya declined to comment.
Closely held Ximalaya counts Tencent, Baidu Inc. and Sony Group Corp.'s music entertainment unit as backers. The company filed for a Hong Kong initial public offering in 2021, but it pushed back the plan. The app-based online audio platform had 303 million monthly active users as of 2023, according to a separate listing application it filed last year.
Tencent Music is one of the biggest online music entertainment platforms in China, with apps such as QQ Music, Kugou, Kuwo and WeSing, according to its website. It has grown both organically and via acquisitions, and got listed in the US in a $1.1 billion IPO in 2018. Its shares have climbed about 17% this year, giving it a market value of about $20.6 billion.
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