Tencent Holdings Ltd. is doubling its stake in the music giant behind Ariana Grande and Billie Eilish.
The Chinese internet company said Friday it was leading a consortium that had agreed to buy an additional 10% stake in Universal Music Group from Vivendi SE, in a deal that values the world’s largest music business at 30 billion euros, equivalent to $36.8 billion.
The deal bolsters Tencent’s growing presence in the record industry and its exposure to some of the biggest names in music. Universal’s stable also includes classic acts such as Queen and the Beatles, and it recently bought Bob Dylan’s entire publishing catalog.
TO READ THE FULL STORY