07:47 AM EDT, 06/10/2025 (MT Newswires) -- Tencent Music Entertainment Group ( TME ) said Tuesday it plans to acquire Chinese online audio platform Ximalaya in a cash and stock deal.

The company will offer $1.26 billion in cash, as well as class A shares representing up to 5.2% of its total outstanding stock. It will also issue class A shares to Ximalaya's founder investors not exceeding 0.37% of its total share count, according to a regulatory filing.

Upon the deal's completion, Ximalaya will become a wholly owned unit of Tencent Music.

Tencent Music shares were up 5.2% in recent premarket activity.