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China's Tencent buys audiobook platform Lazy Audio for $417 million


(Reuters) China’s Tencent Music Entertainment Group said on Friday it acquired audiobook platform Lazy Audio, owned by Shenzhen Lanren Online Technology Co, for 2.7 billion yuan ($417 million).


The deal will be largely paid through cash and Lazy Audio’s management team will get post-acquisition equity-settled awards, Tencent said.


The acquisition comes at a time when the music streaming site is looking to bolster its content library in order to put it behind a paywall and add more paid users.


Lazy Audio’s platform, founded in 2012, hosts Chinese comedy, podcasts and radio shows apart from audiobooks. Its revenue comes from pay-per-title sales, subscriptions and ads.


The companies expect to close the deal in the first half of 2021.


Source: Reuters; Reporting by Eva Mathews in Bengaluru; Editing by Arun Koyyur

China's Tencent buys audiobook platform Lazy Audio for $417 million China's Tencent buys audiobook platform Lazy Audio for $417 million Reviewed by TechCO on 1/16/2021 Rating: 5

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