Tencent Buys 10% Stake In Universal Music For $3.4 Billion [Forbes]
Tencent Music Entertainment Group American Depositary Shares, each representing two Class A Ordinary Shares (TME)
Last tencent music entertainment group american depositary shares, each representing two class a ordinary shares earnings: 3/16 04:15 pm
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Source: Forbes
Universal Music is ringing in the new year with a big move: the world’s biggest record company sold a 10% stake to a consortium of investors led by Chinese conglomerate Tencent Holdings. Owned by French media empire Vivendi, the $3.4 billion purchase places UMG at a total value of $33.6 billion — and there will be an option for Tencent to snag an additional piece of the pie, up to 10%, by Jan. 15, 2021. The move will bolster each company’s global expansion, as Tencent claims greater access to a firm that houses top acts like Taylor Swift, The Beatles, and Lady Gaga. The Chinese firm already owns a 7.5% stake in Swedish giant Spotify, and Tencent Music Entertainment announced a music distribution and marketing partnership with top K-pop company SM Entertainment Meanwhile, UMG will gain greater access to the Asian market. “Vivendi is very happy with the arrival of Tencent and its co-investors,” Vivendi said in a statement. “They will enable UMG to further develop in the Asian market.” A
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- 11/12/24 - Miss
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- 11/12/24 - Form 6-K
- 10/15/24 - Form 6-K
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