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July 16, 2016

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Music to the ears

TENCENT’S music streaming service QQ Music and China Music Corp yesterday agreed to merge their digital music businesses.

A new company will be formed. Tencent will become the majority shareholder, and Tencent’s Vice President Peng Jiaxin will act as the chief executive officer.

“The new company will be the flagship for Tencent’s digital music and related businesses,” Tencent’s President Martin Lau said in a statement yesterday.

The two partners declined to disclose the value of the deal, while earlier media reports suggested about US$6 billion.

China’s mobile music services had 449 million users in the first quarter, making it the world’s largest market by users, according to iiMedia.



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