(Reuters) -Tencent Music Entertainment Group is in advanced talks to buy China’s largest online audio platform, Ximalaya Inc, for $2.4 billion, Bloomberg News reported on Friday, citing sources.
Tencent Music, controlled by Chinese tech giant Tencent Holdings , is planning to use a combination of cash and shares for the acquisition, the agreement for which was likely to be reached in the coming weeks, Bloomberg reported.
However, the talks were still ongoing and that no final decision had been made, it added.
Ximalaya and Tencent Music did not immediately respond to Reuters’ requests for comment.
Ximalaya revived its plans for a Hong Kong listing in April last year, Reuters had previously reported, citing unnamed sources.
It scrapped its plans for a U.S. IPO in 2021, after Beijing sought to tighten its grip over private media and internet businesses.
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Anil D’Silva)
