Deals
Tencent Group Buys 10% of Universal Music for $3.4 Billion
- Record label group owner Vivendi looking to sell down further
- Tencent can help world’s biggest music company tackle China
This article is for subscribers only.
A consortium led by China’s Tencent Holdings Ltd. agreed to buy 10% of Universal Music Group from French media company Vivendi SA after months of talks.
The deal values the world’s biggest music company at 30 billion euros ($33.6 billion). Tencent and its partners can increase their stake to as much as 20% at the same valuation until Jan. 15, 2021, the companies said in statements on Tuesday.