Jem Aswad Senior Music EditorVivendi, parent company of Universal Music Group, confirmed that it plans to take UMG public in 2022.
The long-expected news was announced as part of Vivendi’s third-quarter earnings report, released Tuesday.At the top of this year, a consortium led by Chinese media giant Tencent acquired a 10% stake in UMG for $3.3 billion, with an option to acquire another 10% before mid-January of next year.At its current rate, a healthy UMG will be going public: Despite the pandemic that has deeply damaged not just the music industry but the world economy, UMG’s overall revenues were up 5.1% for the first nine months of 2020 and up 3% for the quarter.
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