Tencent Music Group Acquires Lazy Audio

Tencent Music Group (NYSE: TME) announced on Friday Jan. 15 that it has entered into a definitive agreement to acquire Lazy Audio. Shenzhen Lanren Online Technology Co, Ltd. is the parent company for Lazy Audio. Through this deal, Tencent will acquire 100% equity interest of Shenzhen Lanren for 2.7 billion yuan, or $417 million.

Acquisition Details

The transaction will be primarily payable in cash, along with certain post-acquisition equity-settled awards to Lazy Audio's management team. This deal is expected to close in the first half of 2021 and is subject to customary closing conditions. Lazy Audio will continue independent operations while acting as an essential component of Tencent's overall long-form audio strategy. Upon closing, Tencent will integrate the investment in Lazy A...

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