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French media and entertainment giant Vivendi is in preliminary negotiations for the sale of a 10% stake in its Universal Music Group (UMG) music company to Chinese company Tencent Holdings, as part of the 39, a contract in which the U value will be evaluated. The largest music company in the world with 30 billion euros (33.6 billion dollars).
Vivendi said in a statement that Tencent had the option of doubling its stake in UMG at the same price and under the same conditions throughout the year, while the two companies are considering ways to cooperate to develop the strategy. commercial of the music company.
Vivendi will continue to sell small UMG holdings to other potential partners, reported the Bloomberg news agency.
Vivendi announced last month that it would choose banks to provide consulting services when selling UMG shares and to contact potential strategic partners in order to sell them, noting that she was looking for to sell a small share of UM shares. For one or more partners.
Universal Music Group, which accounts for approximately 44% of Vivendi's revenue, grew 19% in the first half, thanks to the publication of artist albums such as American singer Billy Ilesh, aged 17, and the Japanese group King & Prince. .
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