Spotify, Tencent take a piece of each other

News Broadband Global 11 DEC 2017
Spotify, Tencent take a piece of each other

Spotify and Tencent said they have made equity investments in each other, with the aim of strengthening relationships between the company’s music streaming platforms. Under the deal, Spotify and Tencent Music Entertainment Group (TME), a unit of the Chinese internet company, will take an minority stake in each other, for cash. Tencent will also invest in Spotify through secondary purchases. 

No financial or stock details were disclosed. Past reports have put the stakes to be purchased at up to 10 percent.

Categories:

Internet

Companies:

Tencent,  Spotify

Regions:

Global

Tags:

Shareholders & subsidiaries, Digital Music, Corporate strategy, M&A buyouts & divestments

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