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2/13/2020, 7:30 PM (Source: TeleTrader)
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Vivendi plans IPO of Universal Music by 2023

French mass media conglomerate Vivendi SA announced on Thursday it plans to offer Universal Music Group's (UMG) stocks on markets by 2023.

Commenting on the initial public offering (IPO) decision, French businessman Vincent Bollore said UMG yielded record profits last year, adding that the company's earnings yearly increased by 22%.

UMG is an American global music corporation owned by Vivendi, in which Chinese tech company Tencent has a 10% stake.

Breaking the News / ND