August 6, 2019 / 6:15 AM / a month ago

Vivendi in talks to sell 10% of Universal Music Group to Tencent

PARIS, Aug 6 (Reuters) - French media conglomerate Vivendi said it had started talks with Tencent Holdings to sell an initial 10% stake in its Universal Music Group (UMG) division.

Vivendi said the deal would give the whole of UMG a preliminary equity valuation of 30 billion euros ($33.6 billion) and that Tencent would have an option to buy a further 10% stake in UMG.

$1 = 0.8925 euros Reporting by Sudip Kar-Gupta; Editing by Kirsten Donovan

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