Tencent taps GIC, sovereign funds to rescue Universal Music deal

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Tencent taps GIC, sovereign funds to rescue Universal Music deal

Vivendi, controlled by billionaire Vincent Bollore, had initially revealed talks with Tencent(HKEX:700) in August to sell part of Universal Music Group (UMG), the music label of artists such as Lady Gaga, the Beatles, Taylor Swift, Drake and Kendrick Lamar.

Under the latest plan – still being negotiated with Vivendi – the Chinese tech group would take a 20% to 30% stake in the music label via a consortium of state investors that would stump up the cash, two sources said.

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