Tencent may increase stake in Vivendi’s Universal Music Group by another 10%

Vivendi said it plans to use the proceeds from the transactions for substantial share buyback operations and acquisitions.

Vivendi said the deal would give the whole of UMG a preliminary equity valuation of $33.6 billion.

Vivendi planned to eventually buy a 50 per cent stake in PT MNC Vision Networks worth up to $500 million.

Vivendi’s broadcasting arm Canal+ is in early talks to acquire roughly half of PT MNC Vision Networks, which controls the group’s listed pay-TV arm and its high-speed internet unit.