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 $3.7bn. After the closing of the transaction, the consortium's equity ownership in UMG increased to 20%. Vivendi believes the consortium will enable UMG to further develop its activities in Asia. With the support of Vivendi, Tencent and TME will deepen cooperation with UMG to expand opportunities for artists and bring innovative experiences to music fans, further promoting a vibrant global music entertainment industry.