Tencent in talks to buy stake in Universal Music, world's largest record label
BEIJING -- Tencent Holdings Ltd. is negotiating to buy 10% of Universal Music Group, the world's largest record label, from Vivendi SA for about EUR3 billion -- a deal that would strengthen the Chinese internet giant's growing clout in the global music industry.
Tencent wants to be seen as "the leading music platform in China," said Shawn Yang, managing director of research firm Blue Lotus Capital Advisors. Vivendi's investors welcomed the move, with shares up 7% in trading in Paris, despite analysts at Citi saying the valuation was below their expectations. Bytedance's wildly popular short video apps TikTok and Douyin have challenged Tencent's dominant social networking app WeChat for advertising revenue and user time. TikTok and Douyin allow users to add snippets of music to their videos -- a process that depends on licenses from Universal and other major music companies.
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