Picture: REUTERS/BRYAN R SMITH
Picture: REUTERS/BRYAN R SMITH

Bengaluru — China’s Tencent Music Entertainment Group said on Friday it has acquired audiobook platform Lazy Audio, owned by Shenzhen Lanren Online Technology, for 2.7-billion yuan ($417m).

The deal will be largely paid through cash and Lazy Audio’s management team will get post-acquisition equity-settled awards, Tencent said.

Naspers has a 31.2% stake in Tencent through its internet arm, Prosus

The acquisition comes at a time when the music streaming site is looking to bolster its content library to put it behind a paywall and add more paid users.

Lazy Audio’s platform, founded in 2012, hosts Chinese comedy, podcasts and radio shows, apart from audiobooks. Its revenue comes from pay-per-title sales, subscriptions and ads.

The companies expect to close the deal in the first half of 2021. 

Reuters

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