Core Viewpoint - Tencent Music Entertainment Group announced the acquisition of 100% equity in the online audio "unicorn" Himalaya for a total consideration of approximately $28.57 billion, which reflects a significant decline from its previous valuations [1][3]. Group 1: Acquisition Details - The acquisition includes $1.26 billion in cash, issuance of A-class common stock not exceeding 5.5686% of total equity to Himalaya shareholders, and performance-based equity incentives of up to 0.37% for founding shareholders [1]. - The equity portion of the deal is valued at approximately $1.597 billion based on Tencent Music's current market capitalization [1]. Group 2: Financial Performance - From 2018 to 2022, Himalaya reported a cumulative adjusted net loss of 3.057 billion yuan, although it achieved a profit of 242 million yuan in 2023, primarily through significant layoffs [2]. - The average monthly active user growth rate has slowed considerably, with growth rates of 8.70% and 3.91% for 2022 and 2023, respectively, compared to double-digit growth from 2019 to 2021 [2]. Group 3: Investor Sentiment - Many venture capital and private equity investors have lost patience with Himalaya, as the acquisition price of $28.57 billion is roughly equivalent to its valuation during the E-2 round of financing in 2020 [3]. - Investors such as Sony Music and others who entered in later funding rounds are facing significant losses, with the largest loss reported by Medai Star International Limited at 31.4% [3]. Group 4: Strategic Implications for Tencent Music - The acquisition allows Tencent Music to fill gaps in its content ecosystem, particularly in long audio formats like audiobooks and podcasts, and to leverage synergies with Himalaya's user scenarios in automotive and smart hardware [4]. - Post-acquisition, Tencent Music will integrate its platforms, creating an audio ecosystem with over 500 million monthly active users across various formats [4].

6月10日，腾讯音乐娱乐集团（以下简称"腾讯音乐"）于港交所和纽交所发布公告，称与线音频平台喜 马拉雅控股（以下简称称"喜马拉雅"）及其他若干订约方就拟收购喜马拉雅签订并购协议。公告显示， 腾讯音乐拟以12.6亿美元现金(约合90.52亿人民币)全资收购喜马拉雅。 喜马拉雅四度谋求上市折戟 公告显示，腾讯音乐拟全资收购喜马拉雅的条款中除了支付12.6亿美元现金，还包括总数不超过总股数 5.1986%的腾讯音乐A类普通股。另外，受限于并购协议的条款规定，喜马拉雅的创始股东在交割时及 之后将分批获得的总数不超过总股数0.37%的腾讯音乐A类普通股。根据并购协议，喜马拉雅将进行与 交易相关的若干现有业务的重组。 音频赛道一直以来遭遇的最大难题就是市场对其盈利前景持相对消极的态度，认为这条赛道的商业化变 现难度较高，增长空间有限。从喜马拉雅最后一次在港交所更新的招股书来看，其从2023年才开始扭亏 为盈，经调整后的净利润在2.2亿元左右。喜马拉雅的核心收入来源于订阅收入，该部分收入占到总收 入的过半比例。但招股书显示其月活用户增长乏力，在2023年同比增速仅为3.9%。 此次收购行为对于近几年加码在线音频赛道的腾讯音 ...

本报记者 李昆昆 李正豪 北京报道 吴清 近日，多家媒体报道，喜马拉雅将被腾讯音乐集团收购。其中，《科创日报》的报道称，腾讯音 乐正计划收购喜马拉雅，并称该项交易事宜在两个月前就已启动，腾讯音乐方面给出的交易价格大幅下 降，喜马拉雅管理层已经签字。 对于收购喜马拉雅一事，腾讯音乐方面于4月24日公开表示，暂无回应。4月25日中午，喜马拉雅方面也 公开表示，尚不知晓 "出售" 一事。《中国经营报》记者就传言收购事项致电喜马拉雅相关业务负责 人，截至发稿前，对方未予回应。 一位刚从喜马拉雅离职不久的员工对记者说："腾讯到底有没有去买喜马拉雅，网上应该是有一些信息 的。但是这件事情到底有没有成，应该还是在进行当中。" 将被收购？ 谈及喜马拉雅为何要卖给腾讯音乐一事，财经专栏作者马继鹏告诉记者："目前喜马拉雅是否卖给腾 讯，人家自己还没有表态，但是就第三方分析的话，它为什么要卖给腾讯？我觉得可能有三方面的原 因：第一，可能现在市场环境并不好，像这种在音频领域过分小众的应用，也可能生存空间被大的平台 挤压得比较严重。第二，就是为什么要卖给腾讯，因为腾讯在音频方面影响力比较大，卖给腾讯应该是 一个不错的选择。第三，腾讯可 ...

Core Viewpoint - Tencent Music Group is reportedly planning to acquire Ximalaya, with the transaction initiated two months ago and the price significantly reduced, although both companies have not confirmed the sale yet [1][2]. Group 1: Acquisition Details - Tencent Music's acquisition of Ximalaya is speculated to be driven by three main reasons: the challenging market environment for niche audio applications, Tencent's significant influence in the audio sector, and Tencent's need to enhance its offerings in paid audio content [1][2]. - Ximalaya's subsidiary recently increased its registered capital from 300 million to 2.8 billion yuan, a rise of 837.6%, which is perceived as a signal for a potential acquisition restart [1][3]. Group 2: Company Performance - Ximalaya, founded in 2012, is the largest online audio platform in China, leading the industry in terms of mobile listening duration and online audio revenue [2]. - The company has faced growth challenges, with its average monthly active users increasing by only 3.9% in 2023, compared to a 24.4% increase in 2021 [2]. Group 3: Financial Performance - Ximalaya has attempted multiple IPOs, with a 2021 valuation of approximately $5 billion, while the current acquisition valuation is speculated to be between $1 billion and $1.5 billion [3]. - From 2021 to 2023, Ximalaya's revenue figures were 5.86 billion yuan, 6.06 billion yuan, and 6.16 billion yuan, with net profits of -5.106 billion yuan, 3.7 billion yuan, and 3.736 billion yuan respectively [3][4]. - In 2023, Ximalaya achieved a positive adjusted net profit of 224 million yuan, attributed to cost-cutting measures such as layoffs and reduced marketing expenses [3][4]. Group 4: Revenue Composition - Ximalaya's revenue is primarily derived from four segments: subscriptions (51.7%), advertising (23.1%), live streaming (18.4%), and innovative products and services (6.8%) in 2023 [3][4]. - Subscription service revenue has shown slight growth, with figures of 2.992 billion yuan, 3.081 billion yuan, and 3.189 billion yuan from 2021 to 2023, maintaining a contribution of over 50% to total revenue [4]. Group 5: Market Challenges - Ximalaya's advertising revenue has declined from 1.488 billion yuan in 2021 to 1.423 billion yuan in 2023, indicating challenges in monetizing its platform due to the limitations of audio advertising [4]. - The audio app market is perceived as facing significant competition from larger platforms that can offer similar functionalities, leading to concerns about the sustainability of Ximalaya's growth [5].