A Tencent-led consortium completed the acquisition of a 10% stake in Universal Music Group, an American global music corporation, from Vivendi, a French mass media conglomerate headquartered in Paris, for $3.4bn. The consortium has the option to purchase up to an additional 10% equity stake in UMG at an equivalent enterprise valuation as in the transaction until January 15, 2021. "Tencent and the Consortium members are excited to support UMG’s growth through this investment. Together with Vivendi, Tencent and Tencent Music Entertainment will work to broaden the opportunities for artists and to enrich experiences for music fans, further promoting a thriving music and entertainment industry," Tencent.