Tencent to Buy Majority Stake in China Music Corp., Creating Streaming Giant

Tencent to Buy Majority Stake in China Music Corp., Creating Streaming Giant

Internet giant to increase stake to 60% from 16% HONG KONG—Chinese internet giant Tencent Holdings Ltd. has agreed to acquire a controlling stake in China’s leading music-streaming company in a deal that values the firm, China Music Corp., at roughly $2.7 billion and creates a dominant competitor in China’s online-music market, people familiar with the matter said. Tencent, China’s biggest …