HONG KONG: Chinese Internet giant Tencent Holdings Ltd announced on Friday a strategic merger with China´s leading music-streaming company China Music Corporation to develop the digital music business in China.
The merger combined Tencent´s QQ Music service with CMC to form a new digital music company, Tencent wrote in a statement. Tencent would become the majority shareholder of the new company, it added.
Tencent declined to disclose the value of the deal, but a person with knowledge of the matter said the new company would be valued at about $6 billion. "The new company will be the flagship for Tencent´s digital music and related businesses," Tencent President Martin Lau wrote in the statement.
Tencent said it would fully support the new company to develop its digital music business, paving the way for an initial public offering.
The image shows a poster of Syngenta Pakistan's 'CropWise Grower' mobile application. — Syngenta websiteKARACHI:...
The undated image shows the name of the Bank of Punjab written on one its branches. — APP FileKARACHI: The Bank of...
ABHI, a financial technology company, partners with Soorty Enterprises. — Facebook/ProPakistaniKARACHI: ABHI, a...
This representational image shows Gold bars. — AFP/FileKARACHI: Gold prices in the local market dropped by Rs1,600...
A currency exchange dealer counting $100 bills. — AFP/FileAs any old-school currencies trader will tell you: buy...
A representational image showing a steel manufacturing plant floor with stocked metal sheet rolls. —...