Tencent Music (TME) plans to buy long-form audio platform Ximalaya for roughly $2.4B in cash and stock, Reuters reports. The company will offer $1.26B in cash and Class A shares, representing up to 5.20% of its total outstanding stock, and will also issue shares to Ximalaya’s founder investors not exceeding 0.37% of its total share count, according to the report.
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