Tencent buys another 10% stake in UMG

Vivendi, the parent company of Universal Music Group, confirmed on December 17th that the Tencent-led consortium went forward with acquiring another 10% in UMG. This means that Tencent now has a 20% stake in UMG.

The group completed its first acquisition of 10% from UMG earlier this year in Q1. Similar to their first purchase, they are acquiring the additional 10% based on a valuation of the music firm that stands at about $36.7 billion. 

The CEO of Vivendi, Arnaud de Puyfontaine, claimed in a statement he is “very happy” that the Tencent consortium has gone forward with buying an additional 10% of the company.