French media conglomerate Vivendi announced on Tuesday that it signed an agreement to sell a stake of its wholly owned Universal Music Group, the world’s largest music company, to a consortium led by Chinese tech company Tencent Holdings.
The long-discussed arrangementprovides for the sale of 10% of UMG — based on a €30 billion ($33.6 billion) valuation — to Tencent, with additional participation by Tencent Music Entertainment and other “certain global financial investors,” the companies said in a joint disclosure.
Given UMG’s established valuation, the deal means Vivendi should pocket roughly $3.3 billion for the stake sale, following regulatory approvals and other closing conditions. The companies said the transaction should be wrapped up by the end of the first half of 2020.
Full Content: Billboard
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
FTC Sues to Block Tempur Sealy’s $4.3 Billion Acquisition of Mattress Firm
Oct 24, 2024 by
CPI
Mexican Watchdog Proposes Fintech Reforms to Boost Financial Inclusion
Oct 24, 2024 by
CPI
AMA and ISMS File Antitrust Lawsuit Against MultiPlan Over Alleged Price-Fixing Scheme
Oct 24, 2024 by
CPI
Biden Administration Announces New AI Strategy to Boost National Security
Oct 24, 2024 by
CPI
Google Agrees to Provide AI-Related Documents in Monopoly Case
Oct 24, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Chevron
Oct 24, 2024 by
CPI
A Quartet of Decisions That Cripple Agencies
Oct 24, 2024 by
Richard J. Pierce
Goodbye, Chevron: Rediscovering the Virtues of an Independent Judiciary
Oct 24, 2024 by
Alexander Volokh
A New Era of Deference: From Chevron to Loper Bright
Oct 24, 2024 by
Daniel E. Walters
Loper Bright and Antitrust: Limited Impact on Enforcement, but a Clear Constraint on FTC Rulemaking
Oct 24, 2024 by
David Kully, Lynn Calkins & Kenneth Racowski