With Chinese internet giant Tencent in serious talks to acquire a 10-20% stake in Univeral Music Group, UMG CEO and Chairman Lucian Grainge reached out to his staff with details. Here is the full text of his letter:
Today Vivendi announced that they have entered into preliminary negotiations with Tencent for an investment of 10% of UMG’s share capital.
This is an exciting development for both Vivendi and UMG and affirms once again just how much our strategy and hard work are succeeding. As Vivendi discussed last week with its investors, we continue to deliver remarkable, record-setting results. Our success is driven by placing our recording artists and songwriters at the center of everything we do and providing them with the industry’s best creative and commercial resources on a global basis.
Obviously, we remain part of the Vivendi family—today’s announcement is about a minority investment by Tencent. I can assure you that Vivendi’s Supervisory and Management Boards as well as the Bolloré family continue to be steadfast supporters of our strategy, our work and our teams. And it goes without saying, that our commitment to recording artists and songwriters will continue unchanged.
Clearly, the possibilities to accelerate and broaden our strategy are exciting. But for now, it’s critical that we remain focused on our important work at hand.
Thank you once again for your incredible achievements. As validated by this announcement, our results to date have been historic. As we move forward, we will continue to embrace change and disrupt the traditional business, as we build a bright future for ourselves, our artists and our investors.