Vivendi is in talks with Tencent to sell a stake in UMG
Vivendi has entered into preliminary talks with China's Tencent Holdings to sell an initial 10 per cent stake in its Universal Music Group division, the French media giant said Tuesday .
The proposed deal, should it come to fruition, ought to give UMG's roster of artists a cross-border advantage. "Together with Tencent, Vivendi hopes to improve the promotion of UMG’s artists, with whom UMG has created the greatest catalogue of recordings and songs ever," a statement reads, "as well as identify and promote new talents in new markets." Vivendi says it hopes the new strategic partnership "could create value for both Tencent and UMG.
The media giant was known to be engaged in talks with potential suitors, specifically Liberty Media and Tencent. With Tuesday's notification, the process appears to be moving faster than anticipated, though any arrangement will require regulatory approval.
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