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Tencent to buy stake in label representing Taylor Swift

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A consortium led by China-based Tencent Music reached a deal to buy up to 20% of the label representing Taylor Swift, Kanye West and The Beatles.

French media conglomerate Vivendi agreed to sell a 10% stake in Universal, the artists' label, to Tencent. The consortium has the option to buy another 10% of Universal at the same price of higher.

The deal values the music label at $34 billion.

Read more from Fox Business.


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