Vivendi in talks to sell 10% of Universal Music Group to Tencent

Business

FILE PHOTO: The logo of Universal Music Group (UMG) is seen at a building in Zurich, Switzerland July 25, 2016. REUTERS/Arnd Wiegmann/File Photo – RC1EE289B960

PARIS (Reuters) – French media conglomerate Vivendi (VIV.PA) said it had started talks with Tencent Holdings (0700.HK) to sell an initial 10% stake in its Universal Music Group (UMG) division.

Vivendi said the deal would give the whole of UMG a preliminary equity valuation of 30 billion euros ($33.6 billion) and that Tencent would have an option to buy a further 10% stake in UMG.

($1 = 0.8925 euros)

Reporting by Sudip Kar-Gupta; Editing by Kirsten Donovan

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