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Tencent plots IPO for its online music business

Photo: Chesnot/Getty Images

Chinese tech giant Tencent is planning an IPO for its music company — Tencent Music Entertainment Group — reports Bloomberg, citing a company filing. Tencent has reportedly been in talks with banks to advise the IPO that could raise $1 billion or more.

The backdrop: Tencent's music platforms are key in connecting popular American artists to China's massive market. Per the Financial Times, Tencent Music Entertainment Group could be worth over $30 billion after its IPO. The company's competitor — and one of its investors — Spotify recently went public and has a valuation of $31 billion.

Go deeper

Ina Fried, author of Login
8 mins ago - Technology

Apple sets September quarter sales record despite later iPhone launch

Apple CEO Tim Cook, speaking at the Apple 12 launch event in October. Photo: Apple

Apple on Thursday reported quarterly sales and earnings that narrowly exceeded analysts estimates as the iPhone maker continued to see strong demand amid the COVID-19 pandemic.

What they's saying: The company said response to new products, including the iPhone 12 has been "tremendously positive" but did not give a specific forecast for the current quarter.

Go deeper (1 min. read)Arrow
Rebecca Falconer, Oriana Gonzalez
Updated 2 hours ago - Politics & Policy

Supreme Court rejects second GOP effort to cut absentee ballot deadline in N.C.

Photo: Robert Alexander/Getty Images

The Supreme Court, for the second time in two days, rejected a GOP request to shorten the deadline mail-in ballots must be received by North Carolina officials to be counted.

The state of play: The state's deadline had been extended from 3 days to 9 days post-Election Day.

Go deeper (1 min. read)Arrow
Axios
2 hours ago - Podcasts

The vaccine race turns toward nationalism

The coronavirus pandemic is worsening, both in the U.S. and abroad, with cases, hospitalizations and deaths all rising.

Axios Re:Cap digs into the state of global vaccine development — including why the U.S. and China seem to going at it alone — with medicinal chemist and biotech blogger Derek Lowe.

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