Vivendi previously sold a 20 percent stake in UMG to a consortium led by Chinese online giant Tencent. It has said it plans to distribute 60 percent of UMG, while retaining the remaining 10 percent for a minimum period of two years.
UMG is the world’s biggest music label and follows Warner Music to the public markets. Warner Music IPOd in 2020, with a $15 billion valuation. it is currently valued at just under $18 billion. The rise of streaming services like Spotify and social platforms like TikTok have significantly bolstered the music business in recent years.
Blank check companies, or Special Purpose Acquisition Companies , take over privately held firms and usually take them public in an alternative to a traditional IPO. Over the past year-plus, Wall Street has seen a
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