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Bloomberg
A consortium led by China’s Tencent Holdings Ltd agreed to buy 10% of the world’s biggest music company, Universal Music Group, from Vivendi SA, after months of talks.
The deal values Universal Music at 30 billion euros ($33.6 billion) and allows Tencent and its partners to increase the stake to as much as 20% for the same price before January 15, 2021, the companies said in statements.
The French media group has been trying to cash in on the soaring value of the music business, where revenue is growing fast thanks to the booming popularity of subscription streaming. Tencent could bring Universal Music closer to consumers in Asian markets that are relatively under-served by major music labels.