China's Tencent buys audiobook platform Lazy Audio for $417 million [Reuters]
Tencent Music Entertainment Group American Depositary Shares, each representing two Class A Ordinary Shares (TME)
Last tencent music entertainment group american depositary shares, each representing two class a ordinary shares earnings: 3/16 04:15 pm
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Source: Reuters
China's Tencent buys audiobook platform Lazy Audio for $417 million By Reuters Staff 1 Min Read Jan 15 (Reuters) - China’s Tencent Music Entertainment Group said on Friday it acquired audiobook platform Lazy Audio, owned by Shenzhen Lanren Online Technology Co, for 2.7 billion yuan ($417 million). The deal will be largely paid through cash and Lazy Audio’s management team will get post-acquisition equity-settled awards, Tencent said. The acquisition comes at a time when the music streaming site is looking to bolster its content library in order to put it behind a paywall and add more paid users. Lazy Audio’s platform, founded in 2012, hosts Chinese comedy, podcasts and radio shows apart from audiobooks. Its revenue comes from pay-per-title sales, subscriptions and ads. The companies expect to close the deal in the first half of 2021. ($1 = 6.4739 Chinese yuan renminbi) (Reporting by Eva Mathews in Bengaluru; Editing by Arun Koyyur)
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- Returns On Capital Are Showing Encouraging Signs At Tencent Music Entertainment Group (NYSE:TME) [Yahoo! Finance]Yahoo! Finance
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