Reported 4 months ago
Thai entertainment platform GMM Music announced that Tencent and Tencent Music Entertainment will purchase a 10% stake for $70 million, supporting its spin-off plan. The deal involves a cash payment and a minority stake in music streaming app JOOX Thailand, valuing GMM Music at $700 million. The move follows GMM Grammy's approval to spin off the music unit and list it on the Stock Exchange of Thailand, allowing GMM Music to expand and innovate with the partnership aiming to enter new markets, particularly China.
Source: YAHOO