Tencent Music Entertainment Group [NYSE: TME] reported that the company has signed a contract to purchase 100 percent shares of Lazy Audio. Lazy audio is an audio platform located and founded in china. Tencent Music will buy the equity interest of Lazy audio for a total consideration of RMB 2.7B mostly payable in cash. The transaction is subject to customary closing conditions and is expected to close in the first six months of 2021.
Lazy Audio provides entertainment in different forms such as audiobooks, comedies, podcasts, and radio shows. It makes money through different channels, subscriptions, and advertisements such as pay per title. Its user base is highly expandable making it one of the leading audio platforms.
Cussion Peng CEO of TME “We gladly welcome the lazy audio team into the Tencent family. Additionally, we expect that this transaction will aid us in strengthening our impact in the audio industry. Lazy Audio as a leader in providing audio solutions can be effortlessly incorporated into our existing audio strategy.”
He further added. “Moreover, The catalog of lazy audio will extend our audio content library. The acquisition will help us cater to the needs of our customers. The collaboration will also aid in strengthing our brand impact in the segment.“