Tencent has acquired China Music Corporation in a $2.7bn takeover, making Tencent China's largest online music player, with 50% of the user base and 60% of available music rights. China Music operates Kugou and Kuwu, the country's top and third-placed music platforms, while Tencent's QQ Music held second place. The move will allow Tencent to create a combined music unit with its own QQ Music, which is the number two digital music platform in China. The deal is expected to close by year-end, according to people familiar with the matter.
Tencent has acquired China Music Corporation in a $2.7bn takeover, making Tencent China's largest online music player, with 50% of the user base and 60% of available music rights. China Music operates Kugou and Kuwu, the country's top and third-placed music platforms, while Tencent's QQ Music held second place. The deal is expected to close by year-end, according to people familiar with the matter.