Tencent Music eyes podcast startup Ximalaya for $2.4 billion

Tencent Music Entertainment Group is planning to buy podcasting startup Ximalaya Inc for $2.4 billion in a bid to become China's answer to Spotify. Tencent will use cash and shares for the purchase. The agreement is expected in the coming weeks. Ximalaya has many backers including Tencent and Baidu Inc.