Tencent and Tencent Music Entertainment acquire 10% stake in GMM Music for $70m, partnering to drive Thailand's New Music Economy.
Tencent and Tencent Music Entertainment have acquired a 10% stake in Thai music company GMM Music for $70m. The deal involves a combination of cash and a minority stake in JOOX Thailand, valuing GMM Music at $700m. The strategic partnership aims to drive the New Music Economy in Thailand, enabling GMM Music to expand its business, achieve sustainable growth, and invest in music innovations.
June 03, 2024
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