Tencent Music, Spotify in talks to swap stakes: WSJ

Technology


(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.

Earphones are seen on a tablet screen with a Spotify logo on it, in Zenica, Bosnia and Herzegovina, February 20, 2014. REUTERS/Dado Ruvic/File Photo – S1BETDCCQSAB

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

Our Standards:The Thomson Reuters Trust Principles.



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