Tencent Music completes $2.6 billion acquisition of podcast platform Ximalaya

Tencent Music Entertainment said it has completed the full acquisition of Chinese audio platform Ximalaya in a deal valued at about 18.6 billion yuan ($2.6 billion), closing one of the country’s largest online audio mergers. Under the agreement, Ximalaya shareholders and employee stock ownership plan participants received up to $1.26 billion in cash and as many as 175 million Tencent Music Class A shares. China’s market regulator approved the deal on May 12 with five conditions, including requir