PARIS – A consortium led by Chinese internet giant Tencent has acquired an additional 10% stake in leading music company Universal Music Group.
The deal values UMG, a unit of French conglomerate Vivendi SA, at around 30 billion euros (RM148.27 billion), Vivendi said, making the deal worth some 3 billion euros.
The Tencent-led consortium took a 10% stake in UMG at the end of last year, plus an option to acquire another 10% before January 2021.
Earlier this month, Universal Music bought the entire back catalogue of Bob Dylan’s songs, acquiring one of the most prized collections in music history for a reported $300 million (RM1.21 billion). – AFP, December 18, 2020
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