04:51 PM EDT, 05/24/2024 (MT Newswires) -- Kuke Music ( KUKE ) said late Friday it has signed a non-binding term sheet with Naxos One under which Kuke will buy a majority stake in two Naxos One units.

The two units -- Angelina Assets and HNH International -- are the holding companies of the Naxos Music Group, Kuke said.

A Kuke director is the controlling shareholder of Naxos One, Kuke said.

The closing of the deal is subject to the signing of definitive agreements and other conditions, including due diligence, and there's no assurance a deal will be completed, Kuke said.

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