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Business Times
2 days ago
- Business
- Business Times
Tencent Music to buy Chinese audio platform Ximalaya for US$2.4 billion
[BEIJING] Chinese music platform Tencent Music Entertainment Group said on Tuesday (Jun 10) it would buy long-form audio platform Ximalaya for about US$2.4 billion in cash and stock, expanding its library of content to attract more paying users. US-listed shares of Tencent rose 7 per cent in premarket trading. The company will offer US$1.26 billion in cash and Class A shares representing up to 5.20 per cent of its total outstanding stock. It will also issue shares to Ximalaya's founder investors not exceeding 0.37 per cent of its total share count. The stock component of the deal totals about US$1.15 billion based on Tencent Music's last closing price on April 24. Closely held Ximalaya counts Tencent, Baidu and Sony Group's music entertainment unit as backers. The company filed for a Hong Kong initial public offering in 2021, but 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. REUTERS, BLOOMBERG
Economic Times
25-04-2025
- Business
- Economic Times
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 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.
Time of India
25-04-2025
- Business
- Time of India
Tencent Music eyes podcast startup Ximalaya for $2.4 billion
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. #Pahalgam Terrorist Attack India pulled the plug on IWT when Pakistanis are fighting over water Pakistan alleges terror charge on India in its statement What makes this India-Pakistan standoff more dangerous than past ones 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. Live Events
