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A Tencent-led consortium buys 10% of Universal Music, valuing the world's biggest music firm at $34 billion

A Tencent-led consortium buys 10% of Universal Music, valuing the world's biggest music firm at $34 billion
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A group led by Tencent is buying a 10% stake in Vivendi's Universal Music Group for 3 billion euros ($3.4 billion), both companies announced Tuesday.




The sale values the world's largest music company at 30 billion euros ($33.6 billion).




The consortium of investors holds the option to boost their stake to as much as 20% of Universal at the same valuation by January 15, 2021, according to the statement.




Universal's artist roster includes Lady Gaga, The Beatles, J Balvin, and Adele, among others.




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A consortium led by Chinese conglomerate Tencent is buying a 10% stake in Vivendi's Universal Music Group for 3 billion euros ($3.4 billion), the companies announced Tuesday.
The sale values the world's largest music company at 30 billion euros ($33.6 billion). The purchase is the first major stake taken since French media giant Vivendi said in July 2018 it plans to sell as much as half of the music company.
The deal also gives the investing group an option to boost its stake to as much as 20% at the same valuation until January 15, 2021, according to the statement. The deal is expected to close in the first half of 2020 and is subject to regulatory approval.
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