Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Chinese entertainment conglomerate Tencent Holdings (OTC:TCEHY) is attempting to take a stake in Universal Music Group, the record label giant that owns the rights to artists such as The Beatles, Ariana Grande, Queen and Drake.
What Happened
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Tencent is looking to buy a 10% stake in Universal Music from Vivendi SA (OTC:VIVEF) for around 3 billion euros ($3.36 billion), The Wall Street Journal reported Tuesday.
Tencent is looking to increase its exposure to the global music industry at a time when Chinese consumers are showing a willingness to pay for streaming music platforms, the Journal said.
Tencent extending its reach into American media and entertainment isn't a new phenomenon. The company's movie production unit Tencent Pictures is behind multiple high-profile movies, including the soon to be released "Terminator: Dark Fate."
Tencent also owns a stake in streaming music company Spotify Technology SA (NYSE:SPOT).
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
Why It's Important
Tencent's stake in one of the major music labels would offer the Chinese company an inside look into how the industry is developing, WSJ quoted analysts as saying.
This could help Tencent fend off rival TikTok app owner Bytedance from winning music licensing deals.
"If there is anything that can create pressure on TikTok, it's music," Shawn Yang, managing director of research firm Blue Lotus, told WSJ. "It still relies heavily on music copyright."
As part of the agreement, Tencent would hold the right to buy another 10% stake in Universal at the same terms within one year.
Related Links:
NBA Expands Deal With China's Tencent
Investors, Analysts Still Tuned In To Spotify
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.