Vivendi turns to Tencent to gain Universal foothold in China via ReutersTV
), and owns Asian streaming app Joox, would also have an option to buy a further 10% of Universal.
Jerry Dellis, an analyst at Jefferies, also said in a note to clients that U.S. political opposition to Chinese investment in what could be considered a strategic asset could obstruct a deal.A deal with Tencent could boost Universal’s presence and build on a partnership struck two years ago, under which Tencent can license Universal’s music for distribution over its streaming platforms.
Tencent also faces stiff competition from China’s privately held ByteDance, whose popular social media, video sharing and music sites include Toutiao and TikTok. After a cash-burning competition among companies to snap up music rights, China’s content regulator last year demanded music streaming sites share 99% of their rights reserve with each other.
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