Group led by China’s Tencent buys stake in Universal Music Group GlobeBusiness
After months of talks, French media conglomerate Vivendi said on Tuesday it had finalized the sale of an initial 10 per cent of the world’s largest music label to the Tencent consortium, which also had the option to buy up to 10 per cent more by January 2021 on the same price basis.
Tencent did not immediately respond to a request for comment, while Vivendi did not disclose the details of the consortium beyond saying they were “global financial investors.” “Universal has been enjoying increased revenues for the last 5 years. With the company in a strong position, it can make sense to capitalize on the valuation with a minority sale at this point in the growth cycle,” said MB Capital director Marcus Bullus, commenting on the deal.
The transaction should also boost morale among Chinese deal-makers, with China-outbound mergers and acquisitions activity plunging to a 10-year low amid trade tensions between the United States and China, Refinitiv data shows.Although Tencent Music’s user base is nearly three times that of Spotify, which is the world’s largest music streaming service, its paying users are comparatively fewer.
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