Tencent has upped their stake in China’s leading music streaming company, China Music Corp., giving them the controlling stake in a company worth approximately $2.7 billion USD.

China Music Corp. (CMC) oversees two of the country’s most popular streaming services, Kugou and Kuwo, which merged resources with Tencent’s QQ music following the internet giant’s initial investment.

According to sources who spoke to the Wall Street Journal, Tencent’s stake has risen to 60 percent from 16 percent. CMC will operate as a subsidiary of QQ Music, and the combined business will be valued at approximately $6 billion USD. Chinese media reports suggest the transaction was a cash purchase.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com