Vivendi in talks to sell 10% of Universal Music Group to Tencent

Vivendi, controlled by billionaire Vincent Bollore, is seeking to cash in on the growing public thirst for subscription and ad-based music streaming services, which have propelled UMG’s profits over the last four years

PARIS: Vivendi is in talks to sell a 10% stake in its prized and lucrative Universal Music Group (UMG) to Chinese tech group Tencent, the French media conglomerate said.

Vivendi said the deal would give UMG a preliminary equity valuation of €30bil (US$33.6bil) and that Tencent would have an option to buy a further 10% of UMG.