SHENZHEN, China, Dec. 18, 2020 /PRNewswire/ -- Tencent Music Entertainment Group ("Tencent Music," "TME," or the "Company") (NYSE: TME), the leading innovative online music entertainment platform in China, today announced that a consortium (the "Consortium"), which is led by Tencent Holdings Limited (00700.HK) and comprising the Company (through one of its wholly-owned subsidiaries) and other co-investors, exercised its call option to acquire an additional 10% equity interest (the "Transaction") in Universal Music Group ("UMG") from its parent company, Vivendi SE (VIV.PA) ("Vivendi"), at the same enterprise value of EUR30 billion for 100% of UMG's share capital as in the initial acquisition that closed in March 2020.
The Transaction is expected to close in the first half of 2021, subject to regulatory approvals. Upon the closing of the Transaction, the Consortium's equity ownership in UMG will increase to 20% and TME will continue to have a 10% equity interest in the Consortium. The Transaction reinforces TME's commitment to strengthening its strategic partnership with UMG. TME looks forward to an ongoing and deeper collaboration with UMG as both companies work together to bring unparalleled service and product offerings to artists and fans in China's booming music entertainment market.
About Tencent Music Entertainment
Tencent Music Entertainment Group (NYSE: TME) is the leading online music entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. Tencent Music's mission is to use technology to elevate the role of music in people's lives by enabling them to create, enjoy, share and interact with music. Tencent Music's platform comprises online music, online karaoke and music-centric live streaming services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.
About Universal Music Group
Universal Music Group (UMG) is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content in more than 60 countries. Featuring the most comprehensive catalog of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. Universal Music Group is a Vivendi company.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
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SOURCE Tencent Music Entertainment Group