Vivendi Enters Into Preliminary Negotiations With Tencent
(PRNewsfoto/Universal Music Group,Tencent)
Vivendi has entered into preliminary negotiations with Chinese media and technology company Tencent Holdings Limited to sell a 10% share of Universal Music Group at a preliminary equity valuation of nearly $34 billion. In addition, Tencent would have a one-year call option to double the stake and acquire an additional 10% of the company at the same price and terms.
Vivendi and Tencent are also concurrently considering areas of strategic commercial cooperation which could help UMG capture growth opportunities offered by the digitalization and the opening of new markets. Together with Tencent, Vivendi hopes to improve the promotion of UMG’s artists as well as identify and promote new talents in new markets, and the deal could bring Universal Music artists closer to consumers in Asian markets. In addition to the discussions, Vivendi also plans to continue the process to sell an additional minority stake in UMG to other potential partners.
Since 2014, Vivendi has been focused on building a world-class content, media and communications group with European roots. In content creation, Vivendi owns powerful, complementary assets in music (Universal Music Group), movies and series (Canal+ Group), publishing (Editis) and mobile games (Gameloft).
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