spotify and tencent announce
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

cross-shareholding deal

Spotify and Tencent announce

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleSpotify and Tencent announce

Music streamer Spotify
Washington - Muslimchronicle

 

Music streamer Spotify — ahead of an expected initial public offering in 2018 — has agreed to buy a stake in China’s Tencent Music Entertainment, which in turn will purchase an equity stake in Spotify, the companies announced Friday.

Financial terms of the deal weren’t disclosed. Last week, the Wall Street Journal reported that Spotify and Tencent’s music subsidiary were discussing trading stakes of up to 10% with each other. The deal would give Spotify a valuation of upwards of $10 billion, per the report.

“This transaction will allow both companies to benefit from the global growth of music streaming,” Spotify founder and CEO Daniel Ek said in a statement.

Tencent Music Entertainment, a unit of Chinese internet giant Tencent, also is reportedly prepping for an IPO. “Following these transactions, Spotify will hold a minority stake in TME, and both Tencent and TME will hold minority stakes in Spotify,” the companies said in a joint statement.

Spotify is expected to go public in early 2018, with reportedly planning to launch an IPO as a direct listing rather than a traditional offering of shares. That’s designed to make it easier for the company to go public but also means it wouldn’t raise new capital with the IPO.

Spotify — which has paid more than $5 billion in music-licensing fees through September 2016 — faces increased competition from Apple Music in the space. Meanwhile, Google’s YouTube is eyeing the launch next spring of a new music-streaming subscription product, dubbed Remix, Bloomberg reported.

As of July 2017, Spotify reported over 60 million subscribers worldwide for its service, which is available in 61 countries. The service streams a catalog of over 30 million songs.

source: AFP

themuslimchronicle
themuslimchronicle

GMT 08:39 2018 Tuesday ,23 January

Instagram, Google+ join EU group

GMT 06:57 2018 Sunday ,21 January

A fake news article reports

GMT 06:54 2018 Sunday ,21 January

Europe's space agency braces

GMT 12:16 2018 Saturday ,20 January

Google, Tencent eye collaboration

GMT 06:25 2018 Friday ,19 January

Australia lifesaving drone makes first rescue

GMT 06:28 2018 Thursday ,18 January

French glitches put technology under review

GMT 07:48 2018 Wednesday ,17 January

Bitcoin bombs, cryptocoins crash

GMT 07:28 2018 Tuesday ,16 January

Sony unleashes 'intelligent' robot pet
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

spotify and tencent announce spotify and tencent announce

 



Themuslimchronicle, themuslimchronicle

GMT 12:04 2017 Wednesday ,27 September

Thomas Cook sees tourists return to Turkey and Egypt

GMT 20:15 2017 Friday ,17 March

Attack On Aid Convoy in South Sudan Kills Two

GMT 17:32 2017 Friday ,15 September

At least 33 dead in Nigeria boat capsize

GMT 17:23 2013 Friday ,24 May

Woolwich: Terrorism or political murder?

GMT 17:52 2017 Tuesday ,18 April

Meningitis kills 10 more people in NW Nigeria

GMT 18:08 2017 Tuesday ,17 October

Norway solar firm signs 2.5 bn-euro deal with Iran

GMT 07:43 2018 Monday ,22 January

Macron boosts Merkel ahead of key coalition vote

GMT 05:32 2016 Monday ,18 April

Australian dollar falls amid oil talk breakdown

GMT 04:45 2016 Thursday ,15 December

UAE Ambassador and Chilean Energy Minister discuss

GMT 15:34 2011 Saturday ,19 November

Williams to resume sibling rivalry in exhibition

GMT 13:03 2017 Tuesday ,14 March

Snoop Dogg shoots at Trump in new video

GMT 09:37 2016 Monday ,19 September

Southeast Asian haze crisis killed over 100,000

GMT 08:27 2015 Monday ,19 October

Patriots down Colts in 'Deflategate' rematch

GMT 16:36 2017 Tuesday ,12 September

Quarter of houses in Florida Keys destroyed

GMT 21:22 2016 Thursday ,23 June

Poll: Israelis even on Clinton vs. Trump
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle