Tencent Music Entertainment Group (TME) completed its acquisition of Ximalaya Inc. on May 18, 2026. Ximalaya now operates as a wholly-owned subsidiary of the company.
The finalization follows a merger agreement originally signed on June 10, 2025. Total consideration for Ximalaya’s equity included up to $1.26 billion in cash. Tencent Music also issued up to 175.29 million Class A ordinary shares, including newly issued shares and equity-based awards.
The acquisition significantly strengthens Tencent Music’s foothold in China’s online audio entertainment sector. This strategic move combines two major industry players to expand the company’s content library and total user base.