November 25, 2020
Latham & Watkins advised Tencent Music
Entertainment Group (“Tencent Music” or “TME”), the leading online music
entertainment platform in China, on its minority equity investment in
Wave, the market leader in interactive virtual entertainment experiences. The
deal will enable TME to air Wave experiences in China across all of
its platforms including QQ Music, Kugou Music, Kuwo Music, and WeSing.
Additionally, this collaboration will allow the two
companies to develop virtual concert content for TME Live, an
innovative live performance brand under TME, which pioneers the
integration of offline concerts with an online experience.
The Latham deal team was led by Hong Kong corporate partner
Frank Sun, with Beijing associate Jason Zhao. Advice on CFIUS matters was provided by Washington,
D.C. partner Steven Croley, counsel Rachel Alpert, and associate Tahura Lodhi;
and on IP matters by Hong Kong associate Kieran Donovan.