Tencent Wins Regulatory Approval to Acquire Audio Platform Ximalaya
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Ximalaya will become a wholly owned subsidiary of Tencent Music Entertainment Group. Photo: VCG
Tencent Holdings Ltd. has secured conditional approval to acquire online audio platform Ximalaya, a move that could help the tech giant expand its library of content to attract more paying users.
The State Administration for Market Regulation (SAMR) on Tuesday cleared the deal which makes Ximalaya a wholly-owned subsidiary of Tencent Music Entertainment Group, but imposed five conditions to ensure fair competition in the online audio and music market, according to an announcement by the regulator.
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