Sweden’s Spotify AB and internet giant Tencent Holdings Ltd. of China confirmed they are making joint equity investments in each other’s music streaming businesses, connecting two of the world’s largest digital music platforms. Under the deal announced by both companies Friday, Tencent Music Entertainment Group and Spotify will exchange minority stakes for cash. Parent company Tencent will also buy an additional stake in Spotify through existing shares on the secondary market. Neither company specified the size of the stake...

Source: Wall Street Journal December 08, 2017 16:52 UTC