Biz news: Chinese seek 10% of Universal Music
mainThe Chinese tech company Tencent is finalising a deal for one tenth of Vivendi-owned Universal, valuing the company at $33.6 billion.
There would be an option to buy a further 10 percent slice a year from now.
UMG chairman Sir Lucian Grainge has called the imminent deal ‘an exciting development’
Could this mean that the Chinese might finally grasp the concept of paying royalties? I have never had a penny from them, either directly or through titles published by UMG.