Do Not Sell My Personal Information, Your California Privacy Rights https://variety.com/2020/tv/global/vivendi-vincent-bollore-mediaset-1234852555 Post was not sent - check your email addresses! The investment drive is backed by 6 billion euros ($7.3 billion) earned from selling 20% of Universal Music Group, the world’s biggest music company and the company’s biggest asset by far. Along with Sony Music and Warner Music Group. 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. 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). [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 . UMG is considered one of the “Big Three” record labels. We've received your submission. 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… 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. A former consultant calls for the return of Stéphane Guy! 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. 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.”. 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Bollore also owns 25% of Vivendi, and that is the sole reason we bought the stock. The latest is Chinese tech giant Tencent's move to double its 10% stake in Universal Music Group. And in 2012, when Bolloro started buying Vivendi, its stock was trading as low as $16 a share. VINCENT BOLLORÉ. Universal Music Group is the world leader in recorded music, music publishing and merchandising, with more than 50 labels covering all genres. Bollore and De Puyfontaine had been placed under investigation in Milan in 2017 after Mediaset filed a suit claiming they plotted to drive down the company’s share price by premeditating to dishonor their 2016 deal to buy Mediaset’s Mediaset Premium pay-TV unit, and then allegedly used the devaluation caused by the botched deal to raid Mediaset stock. 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. UMG was valued around $5 billion just five years ago. This of course also follows the Tencent-led agreement to acquire 10% of UMG for $3 billion with an option to acquire another 10%. This story has been shared 2,966 times. 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 … 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. 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