China’s NetEase raises $600M for its music streaming business – TechCrunch

China’s NetEase raises $600M for its music streaming business – TechCrunch

As Tencent Music, China’s largest streaming firm, reportedly stalls on its proposed U.S. IPO, one of its closest challengers is doubling down. NetEase Cloud Music, a rival operated by games and publishing giant NetEase, just closed a fresh $600 million injection from a bevy of investors that include Baidu and General Atlantic, the company announced this week. NetEase will maintain a majority share in the company following this deal although it isn’t clear what the valuation is. The business is already

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