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Tencent Music to Buy Ximalaya to Drive Online Media Ambitions

Tencent Music Entertainment Group has agreed to buy Chinese podcasting startup Ximalaya Inc. for $1.3 billion in cash plus an issuance of stock, a deal that propels its ambition to become China’s answer to Spotify.The company, a unit of WeChat-operator Tencent Holdings Ltd., will issue shares to its founders and other backers to help fund the acquisition, it said in a statement. Bloomberg News first reported on a potential deal in April, valuing the transaction north of $2 billion....

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