Vivendi discussing Universal Music deal with Tencent to gain Chinese foothold GlobeTechnology
French media group Vivendi, controlled by billionaire Vincent Bollore, said that Tencent would first buy 10 per cent of Universal and have an option to buy a further 10 per cent.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.
Dellis also said in a note to clients that U.S. political opposition to Chinese investment in what could be considered a strategic asset could obstruct a deal.A deal with Tencent would boost Universal’s presence and fit well with the Chinese company’s subsidiary TME, which tends to outbid its local competitors in acquiring music copy rights in mainland China.
Tencent said at the time of its last earnings that it was adding more music behind a paywall, including popular Taiwanese singer Jay Chou, to raise revenue. But it said it might take time before Chinese users adapt to this relatively new approach.Vivendi shares surged 7 per cent as analysts welcomed progress on the sale of a stake in Universal and the implied valuation.
Vivendi’s Chief Executive Arnaud de Puyfontaine said last month that proceeds of the sale of up to 50 per cent of Universal would be used for bolt-on acquisitions and share buybacks.The group first said it would sell part of Universal a year ago but had made little progress until announcing last month that it had selected investment banks to start a formal sale, which should be finalised by the start of 2020.
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