Tencent set to take stake in Universal Music

PARIS: Chinese internet giant Tencent is in early talks to take a stake in the Universal Music Group, a behemoth in the global music industry, UMG's French owner said on Tuesday .

At the same time, Tencent and Vivendi have started talking about"strategic commercial cooperation" in the music business, the French company said. Vivendi said UMG - which lays claim to"the greatest catalogue of recordings and songs ever" - also plans to sell additional minority stakes to other potential partners.UMG competes with Sony and Warner Music for leadership in the music industry, with a vast catalogue of artists including The Rolling Stones, Elton John, Abba, Queen and Chinese pianist Lang Lang.

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