Tencent Music in talks to buy Ximalaya for US$2.4 billion

Published Fri, Apr 25, 2025 · 09:02 PM

Tencent Music Entertainment Group is in advanced talks to buy Chinese podcasting startup Ximalaya in a US$2.4 billion deal that would accelerate its push to become China’s answer to Spotify Technology, according to people with knowledge of the matter.

Tencent Music, controlled by Chinese tech firm Tencent Holdings, plans to use a combination of cash and shares for the acquisition, said the people, asking not to be named because the information is private. An agreement could be reached as soon as the coming weeks, the people said.

Talks are ongoing and no final decisions have been made, the people said. A representative for Tencent Music didn’t immediately respond to a request seeking comment, while Ximalaya declined to comment.

Closely held Ximalaya counts Tencent, Baidu and Sony Group’s music entertainment unit as backers. The company filed for a Hong Kong initial public offering in 2021, but it pushed back the plan. The app-based online audio platform had 303 million monthly active users as of 2023, according to a separate listing application it filed last year. BLOOMBERG

Share with us your feedback on BT's products and services