When asked by a shareholder if Vivendi would carry out an IPO for Universal Music Group, chairman Vincent Bolloré said they would "at the right moment." Mediaset sued for breach of contract, claiming damages then estimated at €50 million ($56.6 million) per month — stemming from the drop in share price — for every month of delay. https://variety.com/2020/tv/global/vivendi-vincent-bollore-mediaset-1234852555 Vivendi is known for owning the Universal Music Group. UMG would still have enough equity left over “to keep its door open to other strategic opportunities, whether they’re in tech, or streaming services or other geographies.”. Vincent Bolloré, the billionaire who steers the company via his family vehicle, has a record of controversial investments. Tencent's decision to double down on Santa Monica, Calif.-based UMG, the largest of the "big three" companies that own rights to most of the world's recorded music… Tencent to Increase Universal Music Group Stake to 20% Vivendi in Negotiations to Acquire French Publisher Prisma Media Vivendi's Vincent Bollore Indicted in Italian Probe Over Mediaset Stake Sources close to the talks also said Bollore led the deal in a way that will allow the company to save on hefty bankers fees. [8] [9] [10] On 24 April 2018, Bolloré was brought into custody for questioning concerning perceived links between discount rates for political consulting (through Havas ) and port concessions in Lomé , Togo ; and Conakry , Guinea . Post was not sent - check your email addresses! Variety and the Flying V logos are trademarks of Variety Media, LLC. Under Italian law, an indictment does not imply guilt. UMG is considered one of the “Big Three” record labels. Added into the context of a total of… CEO banned from Twitter over election fraud claims, This short seller just got a $2.75 billion bailout, Leon Black's $158M Jeffrey Epstein payout raises eyebrows, Mariska Hargitay tapes intro for ESPN boxing doc after 14-hour ‘SVU’ day, Orianne Cevey auctioning Phil Collins’ gold records amid split, Tithe money funded Hillsong pastors’ luxury lifestyles: Former members, © 2021 NYP Holdings, Inc. All Rights Reserved, Tencent doubles stake in Universal Music, home to Ariana Grande, Drake, Bob Dylan sells rights to all his songs in blockbuster deal, Madonna reportedly leaves Universal Music, in talks to return to Warner label, Spotify, Universal Music Group strike global licensing deal, Gov. Sorry, your blog cannot share posts by email. The latest is Chinese tech giant Tencent's move to double its 10% stake in Universal Music Group. Finishing 2019 on $6.4 billion, Universal Music is to go to IPO hot on the heels of Warner Music’s announcement to do the same. Vivendi chairman Yannick Bolloré has told Bloomberg in a new interview that "everything's fine" regarding the French conglomerate's loose-timelined plan to sell up to 50% of Universal Music … Oscars Predictions: Best Picture – Is ‘Sound of Metal’ Peaking at the Perfect Time? Privacy Notice The tie-up also builds on a partnership struck two years ago, under which Tencent can license Universal's music for distribution over its streaming platforms. The Bolloré Group also has important positions in the economies of several former French colonies in Africa (in particular Ivory Coast, Gabon, Cameroon, and Congo). And in 2012, when Bolloro started buying Vivendi, its stock was trading as low as $16 a share. Do Not Sell My Personal Information. Your Ad Choices VINCENT BOLLORÉ. Licensed by Canal + on December 44, Stéphane Guy was warmly supported by his former acolyte, Paul Le Guen. One of the winners of a potential $3.36 billion deal for a stake in Universal Music Group is Vincent Bollore, who controls the French conglomerate that owns the music giant. A former consultant calls for the return of Stéphane Guy! It is the home of Lady Gaga, Mariah Carey, Queen, Prince, and many other artists. Vivendi in a statement on Saturday denied wrongdoing, claiming its current and former executives are “either extraneous to those allegations or have acted in full compliance with the law.” The statement added that Bolloré and De Puyfontaine’s attorneys “have already expressed full willingness to provide the necessary clarifications before the prosecutor’s office takes a decision, being confident that the decision will be the closure of the proceedings without charges.”. After pulling out of the Mediaset Premium pay-TV deal Vivendi snapped up an almost 30% stake in Mediaset, becoming the company’s second shareholder after the family of former Italian Premier Silvio Berlusconi, founder of the Italian TV conglomerate, which holds a 44% stake in the company through their holding company Fininvest. Your California Privacy Rights UMG was valued around $5 billion just five years ago. Italian prosecutors have indicted Vivendi’s former chairman Vincent Bolloré and current CEO Arnaud De Puyfontaine in a probe over alleged market manipulation stemming from legal wrangling prompted by Vivendi and Mediaset‘s botched 2016 pay-TV deal. Cuomo's outdoor dining curfew a killer on Super Bowl Sunday, Death of NYC's most beloved restaurants puts landlords in danger, Cole Haan discounts top sale styles up to 60% off, Make the best investment for your mental health in 2021, Sur La Table flash sale takes 20 percent off best-selling cookware, Where to buy new KF94 masks online to protect yourself from COVID-19, Upgrade your home security with a Ring Video Doorbell on sale for $180, Orianne Cevey auctioning Phil Collins' gold records amid split, Tithe money funded Hillsong pastors' luxury lifestyles: former members. Vivendi said a Tencent-led consortium would buy an additional 10% stake in Universal Music Group (UMG), home to The Beatles, in a deal valuing the label at 30 billion euros ($37 billion). Bolloré isn’t pictured with rappers, or music execs, because he meets with presidents and world leaders. Bollore also owns 25% of Vivendi, and that is the sole reason we bought the stock. 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