Universal Music Group is the label to stars including Taylor Swift, the Beatles, Lady Gaga and Datuk Siti Nurhaliza
PARIS/HONG KONG, Dec 31 (Reuters): A Tencent-led consortium is taking a 10% stake in Vivendi's Universal Music Group, valuing the music label that houses Lady Gaga and The Beatles at 30 billion euros (US$34bil) and giving the Chinese firm a global backstage pass.
The deal allows both companies to expand in a recovering global music market, giving Tencent more access to U.S. artists while UMG can tap into the Asian market, including big-selling "K-Pop" Korean pop stars.
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