Tencent acquires stake in newly public Warner Music Group

//Tencent acquires stake in newly public Warner Music Group

Tencent acquires stake in newly public Warner Music Group

Tencent Holdings acquired a 10.4 per cent stake in the class A shares of Warner Music Group Corp, a bet on the industry’s long-term growth prospects following the US music label’s US$1.9 billion initial public offering last week.Shenzhen-based Tencent, which runs the world’s largest video games business by revenue and China’s largest social media platform, bought 8 million class A Warner Music shares, according to a regulatory filing on Friday.At current prices, Tencent’s investment is worth…

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By | 2020-06-13T03:02:53+00:00 June 13th, 2020|Technology|Comments Off on Tencent acquires stake in newly public Warner Music Group