By Dave Sebastian

Tencent Music Entertainment Group said it has agreed to buy the Chinese audio platform Lazy Audio, also known as Shenzhen Lanren Online Technology Co. Ltd., for 2.7 billion Chinese yuan ($416.9 million).

Founded in 2017, Lazy Audio hosts audiobooks, Chinese comedy, podcasts and radio shows, it says. It makes money through pay-per-title sales, subscriptions and advertising.

The deal is expected to close in the first half of this year.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

01-15-21 0806ET