Thailand's GMM Music Valued At $700 Million After Tencent Buys Stake [Forbes]
Tencent Music Entertainment Group American Depositary Shares, each representing two Class A Ordinary Shares (TME)
Last tencent music entertainment group american depositary shares, each representing two class a ordinary shares earnings: 3/16 04:15 pm
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Source: Forbes
Chinese tech giant Tencent—which counts billionaires and among its biggest shareholders—and its unit Tencent Music Entertainment (TME) have agreed to buy 10% of Thailand's GMM Music for $70 million. The deal, which values GMM Music at $700 million, is expected to be completed by the second quarter of this year, ahead of GMM Music's planned IPO on the Thai bourse, parent said in a filing to the Stock Exchange of Thailand. Under the deal Tencent and TME will pay $45 million in cash for the purchase of the GMM Music stake, and transfer 30% of its stake in Thai online music streaming platform Joox Thailand to GMM Grammy. “The investment will solidify our spin-off plan,” Phawit Chitrakorn, CEO of GMM Music, said in a separate . “This partnership will lead to cooperative efforts in expanding our business into new and larger markets, where China is one of the key target territories with its immense market potential.” GMM Grammy shares rose as much as 5.3% in early morning Wednesday
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News
- Tencent Music Entertainment Group (TME) Reported Solid Revenue and Earnings Growth in Q1 [Yahoo! Finance]Yahoo! Finance
- Surging Earnings Estimates Signal Upside for Tencent Music Entertainment Group (TME) Stock [Yahoo! Finance]Yahoo! Finance
- Tencent Music Entertainment Group to Hold Annual General Meeting on June 28, 2024 [Yahoo! Finance]Yahoo! Finance
- Tencent Music Entertainment Group to Hold Annual General Meeting on June 28, 2024PR Newswire
- Tencent Music Entertainment Group (NYSE: TME) had its price target raised by analysts at Benchmark Co. from $14.00 to $19.00. They now have a "buy" rating on the stock.MarketBeat
TME
Earnings
- 5/13/24 - In-Line
TME
Sec Filings
- 6/3/24 - Form 6-K
- 5/21/24 - Form 6-K
- 5/21/24 - Form 144
- TME's page on the SEC website