UMG now valued at €30bn, after consortium led by Tencent Music exercises option to double stake
The Chinese tech company Tencent has doubled its stake in Universal Music to 20% as the streaming boom drives the world’s largest music company towards a stock market flotation in the next two years.
UMG’s parent company, Vivendi, which is controlled by the French billionaire Vincent Bolloré, said a consortium led by Tencent had exercised an option to acquire a further 10%, confirming the music group’s valuation at €30bn (£27bn). UMG is home to artists including Taylor Swift, Lady Gaga, Billie Eilish and Kendrick Lamar.