(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.
The deal would align the two services in future licensing negotiations with 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.
Spotify and Tencent declined to comment when contacted by Reuters.
Reporting by Bhanu Pratap and Ishita Chigilli Palli in Bengaluru; Editing by Shounak Dasgupta