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Tencent Music to Acquire Chinese Podcast Platform Ximalaya for $2.4 Billion
Tencent Music Entertainment said it plans to acquire Ximalaya, a Shanghai-based service for streaming podcasts and audiobooks, for $2.4 billion.
Based on Tencent Music’s closing price on April 24 — prior to a Bloomberg report on the pending acquisition — the equity portion is estimated to be worth around $1.15 billion. Its merger with Ximalaya, which claimed roughly 303 million monthly active users in 2023, according to reports, enhances Tencent’s portfolio by adding depth in podcasts and audiobooks. In recent years, the company has seen a strategic shift, with its core business increasingly centered on music streaming, while its social entertainment segment has declined.
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