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).
Want to share your news with your industry? Submit a press release.
Top 1000 Companies Ranked by Revenue – in Multiple Sectors & Countries.
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)