GMM Entertainment Public Company Limited (Publicly Listed) has reported to the Stock Exchange regarding the agreement to sell shares of GMM Music to investors and the acquisition of shares of Joox Thailand.
GMM Entertainment has struck a deal with Tencent Music Entertainment Group, a company overseeing Tencent’s music business, to acquire a 10% stake in GMM Music valued at 70 million USD or approximately 2.57 billion baht. Tencent Music will pay compensation in cash and shares for a 30% stake in Joox Thailand, the music streaming platform in Thailand, with the share portion valued at 25 million USD.
GMM Music sees the benefits of this deal in expanding market reach internationally through Tencent Music Entertainment channels and accessing various technologies. The ownership of shares in JOOX will complement the Plern music platform, creating mutual benefits and economies of scale for both platforms.
Source: GMM Entertainment (pdf)
TLDR: GMM Entertainment sells shares to Tencent Music and acquires shares in Joox Thailand, benefiting from expanded market access and technological advancements.
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