Tencent and Tencent Music to acquire 10% stake in GMM Music for $70 million.

From Investing.com: 2024-06-03 03:11:18

Tencent and Tencent Music Entertainment will acquire a 10% stake in GMM Music for $70 million, as part of their spin-off plan. The stake will be purchased with a combination of cash and a minority stake in music streaming app JOOX Thailand, valuing GMM Music at $700 million. In July 2023, GMM Music’s parent company approved a plan to list the music unit on the Stock Exchange of Thailand. The deal aims to help GMM Music expand and innovate, with a focus on entering new markets, especially in China. CEO Phawit Chitrakorn sees immense market potential in China for their business expansion efforts.



Read more at Investing.com: Tencent, Tencent Music to pick up 10% stake in Thailand’s GMM Music for $70 million By Reuters