Tencent Group buys 10% stake in Universal Music for $3.4 billion

A consortium led by Tencent Holdings has purchased a 10% stake in Vivendi's Universal Music Group (UMG) for about $3.4 billion, valuing UMG at nearly $34 billion. The consortium has the option to buy an additional 10% stake in UMG until January 15, the companies said. Tencent Music Entertainment will also buy a minority stake in UMG's operation across China.