Tencent Music Entertainment Group has led a consortium along with the firm’s wholly-owned subsidiary to acquire an additional 10% equity stake in Universal Music Group.
Tencent Music Entertainment Group (TME), China’s biggest online music entertainment platform and Universal Music Group (UMG), today announced a multi-year extension of their licensing agreement.
Tencent have turned to Singapore's state-owned investor GIC and other sovereign funds to help rescue the deal for increased equity of Universal Music Group (UMG), subsidiary of French media conglomerate Vivendi.