Tencent pumps up the volume with stake in Vivendi’s music group
The 10% stake in Universal Music Group, which is home to Taylor Swift and Lady Gaga, will value the music label at €30bn
31 December 2019 - 14:21
Paris/Hong Kong — A Tencent-led consortium is taking a 10% stake in Vivendi’s Universal Music Group (UMG), valuing the music label that houses Lady Gaga and The Beatles at €30bn and giving the Chinese firm a global backstage pass.
The deal allows both companies to expand in a recovering global music market, giving Tencent — in which Naspers has a 31% stake — more access to US artists while UMG can tap into the Asian market, including big-selling K-Pop (Korean pop) stars...
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