Reliance claims $1bn valuation for Saavn and JioMusic merger
Posted on: 26 mars 2018, by : Stuart Dredge

Indian telco Reliance Industries is merging its own music-streaming service JioMusic with independent player Saavn, in a deal that it says values the merged entity at more than $1bn.
It’s promising that the resulting business will offer “global reach, cross-border original content, an independent artist marketplace, consolidated data and one of the largest mobile advertising mediums”, with Reliance investing a further $100m to fuel that growth and expansion.
Saavn’s three co-founders are staying on to oversee the business, for now at least, while shareholders including Tiger Global Management, Liberty Media and Bertelsmann have sold their stakes to Reliance, which says it paid $104m for those stakes plus part of the shares owned by the co-founders. The telco claims that the deal values JioMusic at $670m.
The post Reliance claims $1bn valuation for Saavn and JioMusic merger appeared first on Music Ally.
Source: Music ally

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