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REUTERS: Tencent Music Entertainment of China announced Friday (January 15) that it had acquired the Lazy Audio audiobook platform, owned by Shenzhen Lanren Online Technology Co, for 2. 7 billion yuan ($417 million).
The deal will be paid largely in cash and Lazy Audio’s control team will get equity rewards after the acquisition, Tencent said.
The acquisition comes at a time when the music streaming site is looking to strengthen your content library to position it as a paywall and upload more paid users.
The Lazy Audio platform, founded in 2012, features Chinese comedies, podcasts and radio, as well as audiobooks. Your revenue comes from name sales, subscriptions, and ads.
Corporations plan to close the transaction in the first part of 2021.