December 31, 2019

Universal Music sells stake to Chinese giant Tencent

Owner Vivendi to offload 10% stake worth €3bn with more deals likely to cash in on music revival
Universal Music sells stake to Chinese giant Tencent

Universal Music sells stake to Chinese giant Tencent

Universal Music Group, the home of stars including Taylor Swift, Lady Gaga and The Beatles, has sold a 10% stake to a consortium led by Chinese tech giant Tencent in a deal valuing the world’s largest music company at €30bn (€25bn).

UMG’s parent company, Vivendi, which is controlled by the French billionaire Vincent Bolloré, has also agreed that the Tencent-led consortium has the option to buy another stake of up to 10% at the same price by 15 January 2021.

Protestors make their voices heard over 'privatisation' of West Lothian care homes

Families joined care home staff in a protest outside the Civic Centre demanding that councillors protect jobs from cuts and low wage privatisation

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