- Tencent and TME acquire 10% of GMM Music for $70M, valuing it at $700M.
- Deal bolsters GMM Music’s IPO plans and global expansion.
- Partnership involves cash and Joox Thailand stake for GMM Music.
GMM Music, the music publishing unit of Thailand’s largest media and entertainment conglomerate, GMM Grammy, is joining forces with Tencent Music Entertainment Group (TME) and Tencent in a US$70 million share purchase deal.
GMM music’s valuation skyrockets to stardom
Under the agreement, TME and Tencent will acquire a 10% stake in GMM Music, which is gearing up for a public listing in Thailand.
In return, GMM Music will receive cash and a minority stake in Joox Thailand, a streaming app owned by Tencent. The deal values GMM Music at approximately US$700 million, bolstering its planned IPO and fostering further business growth, according to CEO Phawit Chitrakorn.
The partnership is set to enable GMM Music to reach larger markets and boost Thai music on a global scale, connecting artists and fans in Thailand, China, and other countries.
GMM Grammy’s extensive portfolio includes a record store chain, television channels, and radio stations, among other assets.
Joox: Tencent’s streaming sensation ready to rock
Joox, the streaming app at the center of this deal, is available in various markets, including Hong Kong, Macau, Indonesia, Malaysia, and Myanmar.
The collaboration between GMM Music and Tencent is expected further to enhance Joox’s presence and popularity in the region, making it the go-to platform for music lovers everywhere.
To read the original article: https://www.techinasia.com/tencent-secures-10-gmm-music-strategic-partnership
