French media and telecom conglomerate Vivendi has closed its $3.3 billion sale of a 10 percent stake in Universal Music Group to a consortium led by Chinese online giant Tencent. More details:
French entertainment and telecom conglomerate Vivendi said Tuesday that it has closed its sale of a 10 percent stake in Universal Music Group to a consortium led by Chinese online giant Tencent.
The consortium buying the stake is led by Tencent and includes Tencent Music Entertainment and "other financial co-investors," the companies said. Vivendi said it plans to use the proceeds from the transaction and possible further deals around UMG for "substantial" stock buybacks and acquisitions.
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