Vivendi is in talks to sell a 10% stake in its prized and lucrative Universal Music Group to Chinese tech company Tencent as it seeks to expand its presence in Asia.
), valuing its prized asset at around 30 billion euros , in an attempt to break into China’s growing but tightly-controlled music market.
Universal is the world’s biggest music label ahead of Sony Music Entertainment and Warner Music, and is home to artists such as Lady Gaga, Taylor Swift, Drake and Kendrick Lamar. After a cash-burning competition to snap up music rights, China’s content regulator last year demanded music streaming sites share 99% of their rights reserve with each other.
“The valuation looks good, and the progress made on the UMG deal is also positive,” said Gregory Moore, fund manager at Keren Finance, which owns Vivendi shares.
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