Vivendi Closes Sale of 10% of UMG to Tencent-Led Consortium
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variety.comVivendi has closed the sale of 10% of its subsidiary Universal Music Group to a consortium led by the Chinese powerhouse Tencent.
The deal, which was signed three months ago, values UMG for €30 billion. As part of the agreement, the consortium – which includes Tencent Music Entertainment, as well as other financial co-investors — has the option to buy another stake of up to 10% at the same price by January 15 of 2021. “Vivendi is very happy with the arrival of the Tencent-led consortium.
It will enable UMG to further develop in the Asian market,” said the French media conglom. The company, which also owns Canal Plus Group, said it will now seek to sell additional minority interests in UMG with the help of several banks which it has
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