FILE PHOTO: A woman walks pass by a sign of Vivendi at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, France, November 21, 2019. REUTERS/Gonzalo Fuentes
PARIS (Reuters) – Vivendi (VIV.PA) closed on Tuesday the sale of a 10% stake in Universal Music Group (UMG) – home to Taylor Swift and The Beatles – to a Tencent-led consortium, in a deal giving UMG an enterprise value of 30 billion euros ($33 billion).
The French conglomerate, in which billionaire Vincent Bollore’s holding company has the biggest stake, said it would now examine the possible sale of other minority interests in UMG, with an initial public offering of those assets planned for early 2023.
The previously announced deal allows both companies to expand in a recovering global music market. It gives Tencent more access to U.S. artists, while UMG can tap into the Asian market, including big-selling “K-Pop” Korean pop stars.
Although Tencent Music’s user base is nearly three…
Source Reuters Tech News
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