Tencent in talks to buy stake in Warner Music

Friday, 29. May 2020 20:26

Tencent Holdings Ltd. is in talks to buy a stake in media and entertainment company Warner Music Group, the Wall Street Journal reported on Friday.

The tech giant is discussing an investment of $200 million ahead of the Warner Music's initial public offering (IPO) scheduled for next week, WSJ reported citing sources familiar with the matter. The offering is expected to value Warner Media at $11.7 billion to $13.3 billion. The company planned to launch IPO in February but postponed it due to the coronavirus outbreak.

In March, Tencent also acquired a 10% stake in Universal Music Group (UMG), a subsidiary of French mass media conglomerate Vivendi SA.

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Breaking the News / SR