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

Products You May Like

Articles You May Like

Posthumous debut album from i_o with Lights comes two years after his untimely passing
Nearly 20 Years After Love Actually, Hugh Grant Still Hates That Dance Scene, But Admits To Making A ‘Genius’ Addition
Joules secures Next rescue with most stores and jobs saved
What’s being done about ‘murder-for-hire’ sites on the dark web, and how dangerous are they?
This Breakfast Sandwich Maker With 23,200+ 5-Star Reviews Is on Sale

Leave a Reply

Your email address will not be published.