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Report: Tencent makes buy to dominate China's music-streaming market

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Report: Tencent makes buy to dominate China's music-streaming market

TencentHoldings Ltd. agreed to acquire a controlling stake in music-streamingcompany China Music Corp., upping its stake to about 60% from 16%, The Wall Street Journal reported July14, citing people with knowledge of the matter.  

The acquisition reportedly values China Music at about $2.7billion and will bring together China's three leadingonline music services: CMC's Kugou and Kuwo and Tencent's QQ Music.

After the deal is completed, Tencent will operate thecombined music services as a subsidiary of the Chinese Internet giant that willbe worth about $6 billion, according to the report.