FILE PHOTO: Singer Taylor Swift performs during her reputation stadium tour at Wembley Stadium in London, Britain June 22, 2018.US buyout fund KKR and China's Tencent Music Entertainment Group are exploring rival bids for up to half of Vivendi's iconic Universal Music division.French tycoon Vincent Bollore, who controls Vivendi with a 25 percent stake, is in the process of selecting banks to oversee a partial sale of Universal Music Group , two sources familiar with matter said.
French tycoon Vincent Bollore, who controls Vivendi with a 25 percent stake, is in the process of selecting banks to oversee a partial sale of Universal Music Group , two sources familiar with matter said. UMG is the world's biggest music label ahead of Sony Music Entertainment and Warner Music, and is home to artists like Lady Gaga, Taylor Swift, Drake and Kendrick Lamar.Analysts have expressed different views on UMG's valuation.
Vivendi's boss Arnaud de Puyfontaine said in 2017 that the unit could be worth more than $40 billion.At the time Vivendi was exploring a possible stock market listing, a plan later shelved amid challenges in eking out big profits in the sector, with many customers still unwilling to pay much for songs they can hear free on the radio, in music blogs or on free apps.
But industry bidders may find it hard to negotiate a joint venture deal with Bollore as they would not be able to secure a majority stake and have a meaningful say on UMG's strategy going forward, the sources said.Some private equity funds including U.S.-based KKR are willing to enter an equity partnership with Bollore and help fund UMG's international expansion, even if they won't be able to take full control, the sources said.
For private equity investors the deal offers a high-profile platform to tap into the music industry, which is recovering from a 15-year long downturn and has grown for the past three years.
buyer = $AAPL ?
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