Tech
A consortium headed by Tencent and comprising Tencent Music Entertainment, that the internet giant’s music spinoff, is put to purchase an additional 10 percent equity stake from UMG from French media conglomerate Vivendi SA, TME said on Friday.
The round merits UMG in 30 billion euros, or $36.8 billion, also will raise the consortium’s bet in the audio company to 20 percent.TME proceeds to maintain a 10 percent equity interest in the consortium, of which other members are not disclosed.
“The trade reinforces TME’s devotion t o bolstering its strategic partnership with UMG.TME looks forward to an ongoing and deeper collaboration with UMG as both companies work together to bring unparalleled product and service offerings to artists and fans in China’s flourishing music entertainment marketplace,” the company said.
The transaction is expected to close in the first half 2021 and is subject to regulatory approvals, TME noted.
In August, TME and also UMG said that they were starting a joint tag to discover, develop and encourage Chinese artists domestically as well as the planet.
Tencent was pally with all three music tag giants, that have been licensing content into the Chinese company’s music-focused apps.Both Warner Music and Sony Music Entertainment purchased shares in TME if the latter went public in Hong Kong .
Warner Music’s SEC filing earlier this year showed that it had offered a small stake into Tencent.
And one should be educated that Tencent also had a deal with Spotify out of 2017 if the two swapped stakes .Write for us at Getaka | Become a contributor Reach out to 30k people a day with your unique articles on current topics.We accept articles on politics, sports, lifestyle, economics, travel, technology, entertainment etc.If you have passion for writing, email us at [email protected] mentioning your topic of interest or click on “login” .
Sign up and become an article contributor to this website.We will publish your article with your name and photo.For more details on terms and condition for pitching your content, click Become a Contributor Andrew Grin Andrew Grin is a senior contributor at Getaka.He is an voracious reader and loves outdoor activities
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