By Mauro Orru Dec. 18, 2020 7:35 am ET Tencent Holdings Ltd. TCEHY 1.65% is doubling its stake in the music giant behind Ariana Grande and Billie Eilish.
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. Tencent and Vivendi also signed a separate agreement in March enabling Tencent Music to acquire a minority stake in the Universal subsidiary that owns the record label’s Greater China operations.
Vivendi said Friday that it hoped Tencent’s interest in Universal would enable the business to further develop its activities in Asia and that they would work together to broaden opportunities for artists.
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