China’s Tencent in talks to buy 10% of Universal Music Group

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Mick Jagger, from left, Ronnie Wood, Charlie Watts and Keith Richards of The Rolling Stones perform at MetLife Stadium on Monday, Aug. 5, 2019, in East Rutherford, N.J. (Photo by Greg Allen/Invision/AP)

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PARIS (AP) — Chinese tech giant Tencent is in talks with French media company Vivendi to buy 10% of Universal Music Group, whose artists include Ariana Grande, Lady Gaga, U2 and the Rolling Stones.

Vivendi said Tuesday it has started preliminary negotiations that value Universal Music at about 30 billion euros ($33.6 billion).

Tencent would have a one-year option to buy an additional 10% stake, the statement said.

The Chinese and French companies are also considering “areas of strategic commercial cooperation.”

Vivendi said that the deal would help it seize new growth opportunities and better promote Universal artists and new talents in new markets.

Tencent is the world’s largest gaming company and one of the world’s biggest social media businesses.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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