IMPALA has said it will formally challenge Tencent's plans to buy up to 20% of Universal Music Group
Preliminary talks between China's Tencent Holdings and UMG owners, French media group Vivendi, began in August over the sale of an initial 10% stake in Universal, valued at €3 billion based on a €30 billion total valuation of Universal.
Tencent, which is estimated to account for an 80-90% share of China's digital music market, is understood to be in talks with potential co-investors to help fund the deal. Meanwhile, in the background, China's competition watchdog is looking into Tencent's licensing deals with all three major labels.
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