08:08 AM EDT, 06/03/2024 (MT Newswires) -- Tencent Music Entertainment Group's ( TME ) Black Serenade subsidiary is acquiring 80 million shares, equivalent to 10%, of GMM Music in a $70 million deal to be paid in cash and a 30% stake in Tencent Music's Joox Thailand unit, GMM Music announced Monday.

In a disclosure Friday, GMM Grammy said its board approved the sale to Black Serenade, a company owned by Tencent Music Entertainment ( TME ) and Tencent Holdings. The deal valued GMM Music at $700 million, GMM Grammy added.

Joox Thailand, which operates the online music streaming platform Joox, will become an associate company of GMM Grammy's Grammy Tomorrow unit, according to GMM Grammy.

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