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Tencent Music Picks Up 2% Stake in UMG
Tencent Music acquired a 2% stake in Universal Music Group worth $327 million in March, the company said on Tuesday (May 13).
Tencent Music Entertainment Group in Hangzhou city, Zhejiang province, China on Nov. 29, 2024. The sale came ahead of Pershing Square’s plan to register its UMG shares in the United States in September. Pershing Square head and UMG board member Bill Ackman has advocated for the company to move its primary listing from the Euronext Amsterdam stock exchange to a U.S.-based exchange, saying it would add value for the company.
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