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Tencent Music, Spotify in talks to swap stakes - WSJ
December 1, 2017 / 10:49 AM / 13 days ago

Tencent Music, Spotify in talks to swap stakes - WSJ

(Reuters) - The music group of China’s Tencent Holdings Ltd and Sweden’s Spotify AB are in talks to swap stakes up to 10 percent in each other’s businesses ahead of their expected public listings next year, the Wall Street Journal reported on Friday.

FILE PHOTO: A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 16, 2016. REUTERS/Aly Song/File Photo

The deal would align the two services in future licensing negotiations with the major music labels, the WSJ reported, citing people familiar with the matter. (on.wsj.com/2kf7uTG)

Sources told Reuters in September that Spotify was aiming to file its intention to float with U.S. regulators in order to list in the first half of 2018.

A Spotify spokeswoman declined to comment, while Tencent did not immediately respond to a request for comment.

Reporting by Bhanu Pratap in Bengaluru; Editing by Shounak Dasgupta

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