United Kingdom  

Trusted News Discovery Since 2008
One News Page
One News Page United Kingdom > News Videos > Tencent > Vivendi sells Universal Music stake to Tencent consortium

Vivendi sells Universal Music stake to Tencent consortium

Video Credit: Reuters Studio - Duration: 01:13s - Published < > Embed
Vivendi sells Universal Music stake to Tencent consortium

Vivendi sells Universal Music stake to Tencent consortium

A consortium led by Tencent has agreed to buy up to 20% of Vivendi's Universal Music Group.

The deal, which values the world's largest music label at $34 billion, will increase the Chinese company's clout on the global market.

David Pollard reports.


Vivendi sells Universal Music stake to Tencent consortium

Universal Music Group: it's the world's biggest music label, home to Lady Gaga, Taylor Swift, Ariana Grande, and greats like The Beatles.

And, now to be shared with a consortium led by Tencent.

Universal's owner Vivendi disclosing on Tuesday (December 31) that it has finalized an agreement to sell a 10% stake to the Chinese firm and its co-investors.

The deal values Universal at $34 billion and the consortium has an option to buy another stake by early 2021.

Talks between the two groups were first revealed in August.

The agreement will allow both to expand in a recovering global market, with Tencent getting more access to U.S. artists and Universal tapping into Korea's K-Pop and other Asian stars.

The revenues are there.

2018 saw a fourth year of strong growth after a decade of decline, much of the upsurge driven by Spotify and other streaming services.

They made up nearly half of all revenues.

The deal will also be music to the ears of Vincent Bollore, the French billionaire who controls Vivendi, and who has been seeking to cash in on the revival.

Recent related news from verified sources

Vivendi closes Universal 10% stake sale to Tencent consortium

Vivendi has closed the sale of a 10% stake in Universal Music Group (UMG) to a Tencent-led consortium...
Reuters - Published

You Might Like

Tweets about this

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2020 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.