Deals
Tencent Music Seeks Pre-IPO Funds at $10 Billion Value
- Chinese music giant said seeking funds at $10 billion value
- Partnering with labels may help secure content deals
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Tencent Music Entertainment Group, controlled by China’s biggest social network operator, is seeking new funding at a $10 billion valuation ahead of an initial public offering, people familiar with the matter said.
The operator of karaoke and Spotify-like streaming apps plans to sell about 3 percent of its shares to strategic partners, including record labels, one of the people said, asking not be identified as the details are private. Tencent Holdings Ltd., owner of the WeChat messaging service, held about 62.45 percent of the music group at the end of last year.