PARIS/HONG KONG: A Tencent-led consortium is taking a 10 per cent stake in Vivendi's Universal Music Group, valuing the music label that houses Lady Gaga and The Beatles at 30 billion euros and giving the Chinese firm a global backstage pass.
The initial deal would soon be followed by a second one allowing Tencent Music Entertainment to buy a minority stake in UMG's greater China subsidiary. The tie-up between Tencent and Vivendi builds on a partnership struck two years ago, allowing Tencent to license Universal's music for distribution over its streaming platforms.
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