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China’s Tencent Music Entertainment Group said on Tuesday it would buy domestic long-form audio platform Ximalaya for about $2.4 billion in cash and stock, expanding its library of content to attract more paying users.
The deal will give Tencent Music access to a diverse creator network that includes professional and user-generated content on topics spanning history, business and entertainment.
It is one of the few sizeable M&A transactions in the technology sector in China in the recent years. An unprecedented regulatory crackdown on private…
