腾讯有意收购环球音乐一成股权

据报道，腾讯控股有限公司计划从法国维旺迪集团手中收购环球音乐集团（UMG）10%的股份，并帮助其开拓正在快速增长的亚洲市场。UMG也是全球最大的音乐公司，在此交易中，该公司的估值预计为340亿美元。

对于维旺迪这个法国媒体业巨头来说，UMG是它最成功的业务，而能够与腾讯这家中国最有价值的公司谈判，必然会对其寻找新的合作伙伴提供不少信心。不过这笔交易也给全球最大的音乐市场——美国敲了一记警种，尤其是在当前中美贸易摩擦不断加剧的背景下。

音乐流媒体订阅服务的兴起，让西方国家的一些大牌唱片公司重新获得了生机。UMG目前也正在谋求进一步的增长。维旺迪集团表示，该公司正在与腾讯商讨合作事宜，并且希望在腾讯的帮助下，将UMG旗下的艺人面向亚洲进行推广——比如德雷克、泰勒·斯威夫特和U2乐队等等，同时该公司也希望在这些国家挖掘音乐人才。

彭博社驻香港情报分析师凌炜森表示：“腾讯作为一个合作伙伴，能够提升UMG的价值，因为它提供了一个进入中国市场的渠道。” 凌炜森还表示，如果换成一家纯粹的金融投资商收购UMG，维旺迪的要价可能会更高。目前腾讯和维旺迪正在就交易进行商谈，对UMG的最终估值可能在300亿欧元（约340亿美元）左右。

上周二早盘，维旺迪的股价上涨了9%，截至巴黎时间12时20分，该股的涨幅为6.6%，股价升至25.6欧元。

贸易摩擦

据两名了解两家公司谈判情况的人士称，维旺迪集团认为，虽然中美在各领域有贸易摩擦，但美国有关部门阻碍这笔交易的可能性极低，毕竟目前腾讯有意收购的股价只有10%。维旺迪集团在上周二的一份声明中表示，按照相同条件，腾讯在UMG的持股可能在一年内就会翻倍。

作为一家法国公司，维旺迪一直难以吸引私募界的兴趣。彭博社今年5月报道称，维旺迪瞄准了包括腾讯在内的几个战略买家。而该公司与腾讯的初步谈判，很可能也会激起另外几个潜在合作伙伴的兴趣。

流媒体服务的兴起，使音乐行业从非法下载和CD销量暴跌造成的低迷中逐渐复苏。UMG目前为维旺迪贡献了大约44%的收入。今年上半年，UMG的销售额上涨了19%左右，这主要得益于17岁的女歌手比利·艾莉什和日本乐队King & Prince等艺人发行的新专辑。

战略

作为中国最大的社交媒体公司，腾讯也在流媒体领域投入颇多。去年，腾讯旗下的腾讯音乐娱乐集团单独挂牌上市。它在中国的增长模式，与Spotify Technology SA公司在美国和欧洲的增长模式如出一辙。

Spotify严重依赖付费订阅，不过去年，腾讯音乐有71%的收入来自于“社交娱乐”，即在线音乐直播和艺人访谈节目。根据双方2017年达成的一项合作协议，腾讯娱乐已经开始在中国开展UMG旗下音乐的推广和营销了。

新加坡Aequitas Research公司的分析师苏米特·辛格认为：“持有UMG的一部分股份，使腾讯确保了UMG的内容始终能够在腾讯音乐，甚至是Spotify上播放——腾讯也拥有Spotify的一部分股权。”

UMG的增长也帮助维旺迪抵消了其他业务的疲软表现。上周一收盘时，维旺迪的市值为292亿欧元，还不到腾讯对UMG的初步意向收购价（300亿欧元）。除UMG外，维旺迪旗下还有广告集团Havas SA、广播公司Canal Plus等业务。

彭博新闻看到的一份备忘录显示，UMG的首席执行官卢西恩·格兰杰曾经对员工表示，维旺迪的董事会及其最大股东——法国亿万富翁文森特·博洛雷“将继续坚定支持我们的战略、我们的工作和我们的团队”。这番话也获得了UMG的一名发言人的证实。（财富中文网）

译者：朴成奎

Tencent Holdings Ltd. plans to buy 10% of Universal Music Group from Vivendi SA in a deal that would value the world’s biggest music company at $34 billion and help it tap fast-growing Asian markets.

The discussions with China’s most valuable company will reinvigorate the French media giant’s efforts to find new partners for its most successful business. But they may also sound alarms in the U.S., the world’s biggest music market, amid a deepening trade war with China.

A surge in subscription music streaming has revived the fortunes of big music labels in Western markets, and Universal is now looking for further growth. Vivendi said it’s discussing cooperation with Tencent and wants the Chinese company to promote Universal’s stable of artists—including Drake, Taylor Swift and U2—and identify talent in new markets.

“Tencent as a partner will boost UMG’s value because of the access it provides in China,” said Vey-Sern Ling, a Bloomberg Intelligence analyst based in Hong Kong. A purely financial investor may have to pay more than Tencent would pay for its stake, Ling said. The companies are discussing a deal that would value all of Universal Music at 30 billion euros ($34 billion).

Vivendi shares rose as much as 9% in early trading last Tuesday and were up 6.6% at 25.6 euros as of 12:20 p.m. in Paris.

Trade tension

Vivendi sees little risk that the U.S. authorities could block the deal as part of Washington’s wider trade conflict with Beijing, because the Tencent stake is limited to 10% for now, two people with knowledge of the companies’ discussions said. In its statement last Tuesday, Vivendi said Tencent could double its holding on the same terms within one year.

The French company has struggled to draw interest from private-equity firms, and Bloomberg reported in May that Vivendi was targeting strategic buyers including Tencent. The preliminary discussions with the Chinese company are likely to stir interest from other potential partners.

Streaming is helping the music industry recover from a slump caused by illegal downloading and a collapse in CD sales. Universal Music now contributes around 44% of Vivendi’s revenue. Universal Music’s sales rose by around 19% in the first half, helped by releases from artists including the 17-year-old singer Billie Eilish and the Japanese band King & Prince.

The strategy

Tencent, China’s largest social-media company, is also big in streaming. Last year it floated its Tencent Music Entertainment Group, whose growth in China mirrors that of Spotify Technology SA in the U.S. and Europe.

While Spotify relies heavily on paid subscriptions, last year Tencent Music generated 71% of its revenue from a category called “social entertainment”—things like online live music and interviews with celebrities. Tencent already works with Universal Music on distribution and marketing in China under a cooperation deal sealed in 2017.

“Having a toe-hold in Universal would allow Tencent to ensure Universal’s content is always available to TME and even to Spotify, in which Tencent owns a stake,” said Sumeet Singh, an analyst with Singapore-based Aequitas Research.

Universal Music’s growth has helped offset a weaker performance at Vivendi’s other businesses. The company’s market value at last Monday’s close was 29.2 billion euros, less than the music unit’s equity value of 30 billion euros implied by the Tencent deal. Other Vivendi units include Havas SA, an advertising group, and the broadcaster Canal Plus.

Vivendi’s board and its biggest shareholder, French billionaire Vincent Bollore, “continue to be steadfast supporters of our strategy, our work and our teams,” Universal Music’s Chief Executive Officer Lucian Grainge told staff in a memo seen by Bloomberg News and confirmed by a company spokesman.