logo-loader
viewTencent Holdings Limited

Tencent’s music streaming business gears up for US initial public offering

Tencent Music Entertainment is one of China's largest music streaming platforms

1531151501_Tencent.jpg
The details of the deal have yet to be disclosed

Tencent Music Entertainment, one of the largest music streaming platforms in China, is planning an initial public offering in the US.

Parent company Tencent will spin off its music business, selling an undisclosed number of shares on a US stock exchange, according to a Tech Crunch report.

READ: Tencent may have the largest tech IPO ever

While the details of the deal are minimal, reports have valued the music segment at US$30bn and suggest that the IPO could raise as much as US$1bn.

In a similar move, the US$500bn parent company spun off China Literature, its digital books segment, and listed on a Hong Kong exchange.

The Chinese entertainment giant was involved in an equity swap deal with fellow streaming service Spotify in December.

Shares of Tencent Holdings Limited was up nearly 2.5% on the Hong Kong Stock Exchange.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

 

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Minera Alamos announces 14-million-dollar deal with Osisko Gold Royalties to...

Minera Alamos (CVE: MAI) President Doug Ramshaw joined Steve Darling from Proactive Vancouver on Skype with details about a deal they have signed with Osisko Gold Royalties to help fund construction on their Santana project in Mexico. Ramshaw telling Proactive how the deal will work and the...

1 day, 23 hours ago

2 min read