Jem Aswad Senior Music EditorTencent Music Entertainment has acquired a stake in Warner Music Group worth $100 million, according to an SEC filing by WMG on Friday.
The company has acquired 4 million Class A common stock shares in WMG, according to the filing.The deal, while amounting to a relatively small percentage of Warner’s value, which is estimated at around $16 million, gives Tencent a stake in two of the world’s three major label groups: Late last year, Tencent closed a deal to acquire 10% of the world’s largest music company, Universal Music Group, which was recently valued at a whopping $33 billion..The move took place on June 3, the day WMG debuted on Nasdaq.
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