Tencent consortium buys another 10% in Vivendi music unit

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Tencent consortium buys another 10% in Vivendi music unit
by Staff Writers
Paris (AFP) Dec 18, 2020

French media firm Vivendi said Friday a consortium led by Chinese internet giant Tencent had acquired an additional 10-percent stake in its Universal Music Group unit.

UMG has a valuation of around 30 billion euros ($36.7 billion), Vivendi said, making the deal worth some 3.0 billion euros.

The Tencent consortium took a 10-percent stake in UMG in late 2019, plus an option to acquire another 10 percent before January 2021.

Earlier this month, Universal Music bought the entire back catalogue of Bob Dylan's songs, acquiring one of the most prized collections in music history for a reported $300 million.

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