French media giant Vivendi is moving forward with plans for a partial sale of Taylor Swift and Ariana Grande's label Universal Music Group, it announced Tuesday.
Vivendi, which announced in July of 2018 that it was exploring a partial sale of up to 50 percent in the music giant, said it will continue to seek other partners for additional minority stakes. The unit is also home to Lady Gaga, Drake and Post Malone and is looking to further its growth as consumers move to streaming services.
UMG CEO Sir Lucian Grainge praised the move in a note to employees. “This is an exciting development for both Vivendi and UMG and affirms once again just how much our strategy and hard work are succeeding. As Vivendi discussed last week with its investors, we continue to deliver remarkable, record-setting results.
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