Tencent Music Entertainment Group announces Lazy Audio Acquisition
prnewswire | January 15, 2021
Tencent Music Entertainment Group ("Tencent Music," "TME," or the "Organization") , the main creative online music amusement stage in China, today declared that it went into an authoritative consent to procure 100% value revenue of Shenzhen Lanren Online Technology Co, Ltd ("Lazy Audio", "Lanren tingshu"), a grounded sound stage in China, for an all out thought of RMB2.7 billion, essentially payable in real money, in addition to certain post-obtaining value settled honors to Lazy Audio's supervisory crew. The current investors of Lazy Audio incorporate China Literature Limited ("China Literature", stock code: 00772.HK), Lazy Audio's supervisory crew and other monetary financial specialists. The exchange is relied upon to shut in the primary portion of 2021 subject to standard shutting conditions.
Established in 2012, Lazy Audio is an extensive sound stage giving amusement in the types of book recordings, Chinese parody, digital broadcasts and other public broadcasts to clients. It adapts by means of various channels, including pay per title, membership installment for substance, and promoting. Apathetic Audio has formed into a flourishing local area with solid client connections and commitment, giving better substance and administrations than sound clients across China. Languid Audio has an exceptionally adaptable client base, making it one of the main sound stages in China.
"We are delighted to welcome the talented Lazy Audio team to the TME family, and expect this strategic acquisition to significantly deepen our presence in the fast growing long-form audio industry in China," said Mr. Cussion Pang, Chief Executive Officer of Tencent Music. "As a leading provider of audio entertainment, Lazy Audio can be seamlessly integrated into our existing long-form audio strategy, enabling us to further monetize the extensive library of high-quality literature IPs that we have access to through strategic partnerships with China Literature and others."
"Lazy Audio's catalog is set to expand our audio content library, and its recording capacity will significantly boost our production of audiobooks. We believe this partnership will help us cater to the increasingly nuanced needs of our customers, strengthen our brand recognition in this segment, generate considerable operational synergies, and accelerate our journey to become a leading audio entertainment platform in China." Mr. Pang added.
Mr. Bin Song, founder and Chief Executive Officer of Lazy Audio, said, "We share the same vision with TME that China's audio industry is a less-penetrated area with great potential. Merging with TME will benefit us to strengthen our competitiveness, establish a stronger connection with Tencent portfolio and bring Lazy Audio to the next level."
Apathetic Audio will keep up its autonomous activities while being a fundamental part of TME's by and large long-structure sound procedure. Endless supply of securing, TME will combine the interest in Lazy Audio, and empower Lazy Audio to have full admittance to TME's mastery, driving innovation, and solid limited time capacities.
About Tencent Music Entertainment
Tencent Music Entertainment Group (NYSE: TME) is the leading online music entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. Tencent Music's mission is to use technology to elevate the role of music in people's lives by enabling them to create, enjoy, share and interact with music. Tencent Music's platform comprises online music, online karaoke and music-centric live streaming services, enabling music fans to discover, listen, sing, watch, perform and socialize around music.