Tencent Music (TME) is in advanced talks to purchase Ximalaya in a $2.4B deal that would accelerate its push to become China’s Spotify (SPOT), Pei Li and Dong Cao of Bloomberg reports, citing people with knowledge of the matter. Tencent Music is controlled by Tencent Holdings (TCEHY) and plans to use a combination of cash and shares for the acquisition, Bloomberg’s sources added.
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