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Investing.com -- Tencent Music Entertainment Group (NYSE:TME), controlled by Tencent Holdings Ltd (HK:0700) (F:NNND)., is in advanced discussions to acquire Chinese podcasting startup Ximalaya Inc, according to a report from Bloomberg. The acquisition is valued at $2.4 billion, and aims to strengthen Tencent Music’s position in the market.
The acquisition plan involves a combination of cash and shares, according to sources familiar with the matter who asked not to be named due to the private nature of the information. The agreement could potentially be finalized in the upcoming weeks.
Ximalaya, a privately held company, counts Tencent, Baidu Inc (NASDAQ:BIDU)., and Sony (NYSE:SONY) Group Corp.’s music entertainment unit among its backers. The company had previously filed for a Hong Kong initial public offering in 2021, but later postponed the plan.
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