China’s Tencent acquires audiobook platform Lazy Audio for $417million

A logo of Tencent is seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, China.

China’s Tencent Music Entertainment Group said on Friday it acquired audiobook platform Lazy Audio, owned by Shenzhen Lanren Online Technology Co, for 2.7 billion yuan (an equivalent of $417 million).

The deal will be largely paid through cash and Lazy Audio’s management team will get post-acquisition equity-settled awards, Tencent said.

The acquisition comes at a time when the music streaming site is looking to bolster its content library in order to put it behind a paywall and add more paid users.

Lazy Audio’s platform, founded in 2012, hosts Chinese comedy, podcasts and radio shows apart from audiobooks. Its revenue comes from pay-per-title sales, subscriptions and ads.

The companies expect to close the deal in the first half of 2021.

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