Reconstruction set to begin on Copenhagen’s fire-damaged Old Stock Exchange landmark
Former FTX executive Caroline Ellison faces sentencing
Climate solutions: 2 kinds of ocean energy inch forward off the Oregon coast
As Israel's fight with Hezbollah heats up, people of Gaza fear being forgotten
How colorful, personalized patches bring joy to young cancer patients
Hello, I'm Johnny Cash's statue: A monument to the singer is unveiled at the US Capitol
Rookie Jayden Daniels nearly flawless for Commanders in 38-33 win over Bengals
Josh Allen throws 4 TD passes and the Bills roll to a 47-10 win over the unraveling Jaguars
(Reuters) -Thai entertainment platform GMM Music on Monday said Tencent and Tencent Music Entertainment will acquire a 10% stake in the company for $70 million, solidifying its spin-off plan.
Tencent and its controlled entity Tencent Music will buy the stake through a combination of cash and a minority stake in music streaming app JOOX Thailand, valuing GMM Music at $700 million.
In July 2023, GMM Music's parent company GMM Grammy approved a plan for spinning off the music unit and listing it on the Stock Exchange of Thailand.
The deal will help GMM Music expand its business and fund innovation, the company said.
"This partnership will lead to cooperative efforts in expanding our business into new and larger markets, where China is one of the key target territories with its immense market potential," Phawit Chitrakorn, chief executive officer of GMM Music said.
(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Mrigank Dhaniwala)
