By Canadian Press

China’s Tencent in talks to buy 10% of Universal Music Group

Aug 6, 2019 | 6:23 AM

PARIS — Chinese tech giant Tencent is in talks with French media company Vivendi to buy 10% of Universal Music Group, whose artists include Ariana Grande, Lady Gaga, U2 and the Rolling Stones.

Vivendi said Tuesday it has started preliminary negotiations that value Universal Music at about 30 billion euros ($33.6 billion).

Tencent would have a one-year option to buy an additional 10% stake, the statement said.

The Chinese and French companies are also considering “areas of strategic commercial co-operation.”

Vivendi said that the deal would help it seize new growth opportunities and better promote Universal artists and new talents in new markets.

Two and Out

PETERS: Conservatism used to be about lower taxes and smaller government, not conspiracy theories and racism

14h ago

Sound Off

SOUND OFF: Cutting carbon emissions can be easy and accessible to Kamloops residents

Oct 30, 2024

Question of the Week

Do you have confidence in the vote-counting carried out by Elections BC?

Oct 28, 2024

Tencent is the world’s largest gaming company and one of the world’s biggest social media businesses.

The Associated Press