Biz news: Chinese seek 10% of Universal Music

The 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’

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  • 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.

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