UPDATE 1-Vivendi in talks to sell 10% of Universal Music Group to Tencent [Reuters (UK)]
VIVENDI SE UNSP/ADR (VIVHY)
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Source: Reuters
Vivendi in talks to sell 10% of Universal Music Group to Tencent - Reuters 2 Min Read PARIS (Reuters) - Vivendi ( VIV.PA ) is in talks to sell a 10% stake in its prized and lucrative Universal Music Group (UMG) to Chinese tech group Tencent ( 0700.HK ), the French media conglomerate said on Tuesday. Vivendi said the deal would give UMG a preliminary equity valuation of 30 billion euros ($33.6 billion) and that Tencent would have an option to buy a further 10% of UMG. UMG is the world’s biggest music label ahead of Sony Music Entertainment and Warner Music, and is home to artists such as Lady Gaga, Taylor Swift, Drake and Kendrick Lamar. Vivendi, controlled by billionaire Vincent Bollore, is seeking to cash in on the growing public thirst for subscription and ad-based music streaming services, which have propelled UMG’s profits over the last four years. “Together with Tencent, Vivendi hopes to improve the promotion of UMG’s artists, with whom UMG has created the greatest catalog of
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