Miguel Cordon · · 1 min readTencent orchestrates $70m deal for 10% share in Thailand’s GMM Music
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Bangkok-headquartered GMM Music is teaming up with Tencent Music Entertainment Group (TME), the digital music arm of Chinese tech titan Tencent, in a US$70 million share purchase deal.
GMM Music is the music publishing unit of GMM Grammy, the biggest media and entertainment conglomerate in Thailand. It owns a record store chain, television channels, and radio stations, among others.
Under this tie-up, TME and Tencent will get a 10% share in GMM Music, which is eyeing a public listing in its home market. In exchange, GMM Music will receive cash and a minority stake in Joox Thailand, a streaming app owned by Tencent.
Joox is also available in markets like Hong Kong, Macau, Indonesia, Malaysia, and Myanmar.
The deal gives GMM Music a valuation of around US$700 million, bolstering the planned IPO and fostering more business growth, CEO Phawit Chitrakorn said in a statement.
The partnership will also 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. Chitrakorn added.
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Editing by Eileen C. Ang
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