Vivendi turns to Tencent to gain Universal foothold in China
US political opposition to Chinese investment in what could be considered a strategic asset could obstruct a deal
06 August 2019 - 16:22
Paris/Beijing — Vivendi is in talks to sell up to 20% of Universal Music Group (UMG) to Tencent, valuing its prized asset at about €30bn, in a bid to break into China’s growing but tightly controlled music market.
While at a preliminary stage, the discussions highlight Tencent’s role as gatekeeper to China and the desire of Universal, whose revenues are surging as a result of online streaming, to expand beyond its traditional markets...
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