Tencent CEO Pony Ma. Photograph by Vivek Prakash/Fortune, under Creative Commons license

According to a report from the Wall Street Journal [paywall], Chinese tech giant Tencent is in talks to purchase a minority stake in the Warner Music Group, an entertainment multinational that’s notably one of the “big three” music recording companies globally. The Warner Music Group was a formerly publicly-traded company up until its sale to industrial group Access Industries in 2011. Fast-forward till now and Access Industries is looking to take the company public once again. It seems that ahead of its planned public listing, Access is looking to sell a minority stake in Warner to a private investor, which happens to be Tencent in this case. The Journal reports Tencent is discussing an investment of $200 million in the music recording company.

According to the Journal, the Warner Music Group aims to raise as much as $1.8 billion from its public offering, and with Tencent as a possible anchor investor. Warner is said to be targeting a valuation of between $11.7 billion to $13.3 billion in its initial public offering (IPO). Tencent investing in Warner wouldn’t seem out of the blue, as the company is already an investor in one of Warner’s major competitors, Universal Music Group. Late last year, Tencent coughed up about $3.4 billion for a 10% stake in Universal, notably the world’s largest music publisher. Investing in music publishers seems strategic for Tencent, which operates its own music streaming service aptly known as Tencent Music. Investments in music publishers likely gives Tencent an upper hand when negotiating for rights to music catalogs.

Tencent is also a sizeable shareholder in Spotify, the popular streaming service which happens to be a rival. The Chinese tech giant could definitely be looking to spread its wings in the music industry further by snapping up a stake in the Warner Music Group.

Tencent is notably fresh off a $6 billion bond sale. It wouldn’t sound far-fetched that Tencent’s reported Warner share purchase would be funded by the proceeds of the bond offering.