Chinese internet giant Tencent is set to buy a 10% stake in the Universal Music Group for $3.3 billion by Sam_L_Shead
SUZANNE CORDEIRO/AFP/Getty Images
Universal is the largest music group in the world, with artists such as Taylor Swift, Queen, Rihanna, and Jay Z. Hits from the Universal's library have been available on Tencent's music streaming service following a 2017 deal between the groups. Tencent is being given the option to double its stake in UMG at the same valuation in a year, should it wish to.
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