TENCENT & TME to Buy 10% Stake in GMM Music of Thailand, Involving US$70M

Thai entertainment platform GMM Music said TENCENT and TME would buy a 10% stake in the company for US$70 million, valuing the company at US$700 million. TENCENT and TME will pay in cash and a minority interest in music streaming app JOOX Thailand.

GMM Music was listed on the Stock Exchange of Thailand in July last year as a spin-off of parent GMM Grammy's music business.