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Tencent-led consortium to buy three-bln-euro stake in UMG: Vivendi

December 31, 2019

French media giant Vivendi said Tuesday it would sell 10 percent of its Universal Music Group subsidiary to a consortium led by the Chinese behemoth Tencent for three billion euros.

The agreement, worth around $3.36 billion, is “based on an enterprise value of 30 billion euros for 100 percent of UMG’s share capital” and expected to be finalised by mid 2020, a Vivendi statement said.

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Dispatches from AFP concerning freedom of information, censorship and news coverage in regions where independent media is under threat.