Vivendi Closes $3.3B Sale Of Universal Music Group Stake To China’s Tencent

By Tim Dams

By Jem Aswad

On Sunday, March 15, a day after the Spanish government formally issued a stay at home order over the novel coronavirus, Alberto Gestoso moved his keyboard to the balcony of his apartment and serenaded his neighbors.Shortly after, Alex Le Brontorrent, who lives in an apartment a few doors down, joined him on the saxophone. Together they improvised a beautiful instrumental version of Celine Dion’s “My Heart Will Go On” for their neighbors on lockdown.

By Variety Staff

A lawsuit filed against Universal Music over a warehouse fire in 2008 that destroyed over 100,000 music recordings has been dismissed.

The lawsuit sought upwards of $100million in damages

A judge has dismissed a class action lawsuit against Universal Music Group (UMG) originally brought by several artists and estates over a 2008 vault fire.

A federal judge has dismissed a class action lawsuit against Universal Music Group over a 2008 warehouse fire that a New York Times Magazine report last year claimed destroyed up to 500,000 master recordings in the the record company's archive vaults.The class action lawsuit was initially filed June 21, 2019, in California with claims by Soundgarden, Steve Earle, Hole, the estate of Tupac Shakur and by Jane Petty, Tom Petty's ex-wife and heir to 50% of his recording agreements.

Universal Music Group CEO and chairmanLucian Graingeis at home and recuperating after being hospitalized with COVID-19, the disease caused by the new coronavirus,more than two weeks ago. Grainge sent a letter to UMG staff on Monday, updating them to his condition.

Universal Music Group CEO and chairman Lucian Grainge is at home and recuperating after being hospitalized with COVID-19, the disease caused by the new coronavirus, more than two weeks ago.Grainge sent a letter to UMG staff on Monday (April 6), updating them to his condition.

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French entertainment and telecom conglomerate Vivendi said Tuesday that it has closed its sale of a 10 percent stake in Universal Music Group to a consortium led by Chinese online giant Tencent. It confirmed the deal was based on an enterprise value of €30 billion, or $33 billion at current exchange rates, compared with $33.6 billion when the transaction was announced at the end of 2019.

French entertainment and telecom conglomerate Vivendi said Tuesday that it has closed its sale of a 10 percent stake in Universal Music Group to a consortium led by Chinese online giant Tencent.It confirmed the deal was based on an enterprise value of €30 billion, or $33 billion at current exchange rates, compared with $33.6 billion when the transaction was announced at the end of 2019.

Vivendi has closed the sale of 10% of its subsidiary Universal Music Group to a consortium led by the Chinese powerhouse Tencent. The deal, which was signed three months ago, values UMG for €30 billion.

As the coronavirus pandemic continues to shut down thousands of businesses around the country and keep millions of people confined to their homes around the globe, the Universal Music Group today (March 30) announced a multi-million dollar initiative intended to support its artists, songwriters and employees over the next several months.

Universal Music Group today announced several initiatives to bring relief to musicians, its employees and the music industry in the wake of the coronavirus pandemic that in a short time has devastated so much of the global economy. It also pledged to assist its artists in their charitable efforts

Warner Music Group has made a donation to MusiCares COVID-19 Relief Fund launched last week, CEO Steve Cooper said in a memo to the company’s staff.