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腾讯

Tencent strikes new note with deal to buy into Universal Music
腾讯将购入环球音乐10%股权

环球音乐东家法国维旺迪披露,正就向腾讯出售股份进行谈判,这笔交易将对世界最大音乐集团估值300亿欧元。

Tencent is set to take a 10 per cent stake in Universal Music, which represents artists from The Beatles to Taylor Swift, marking the Chinese technology group’s latest move to broaden its reach in the global music industry.

腾讯(Tencent)将买入环球音乐(Universal Music) 10%股份,后者旗下拥有甲壳虫乐队(The Beatles)和泰勒•斯威夫特(Taylor Swift)等一众艺人。此举是这家中国科技集团扩大其在全球音乐行业触角范围的最新动作。

French media conglomerate Vivendi, Universal’s owner, yesterday revealed it was in talks to sell the stake to Tencent in a deal that would value the world’s largest music group at €30bn. The Chinese company would have an option to double its stake within a year on the same terms.

环球音乐的东家、法国企业集团维旺迪(Vivendi)昨日披露,正就向腾讯出售股份进行谈判,这笔交易将对世界最大音乐集团估值300亿欧元。这家中国公司在一年内可选择以同样条件将所持股份增加一倍。

The negotiations are the latest sign of a sustained recovery in the music sector, which has rebounded from a 15-year slump driven by online piracy and the collapse of the CD market. They follow April’s direct listing of Spotify, in which Tencent holds a substantial minority stake.

这场谈判是音乐行业持续复苏的最新迹象,由于网络盗版和CD市场崩溃,该行业经历了15年的低迷,但已出现反弹。此前,Spotify在4月直接上市,腾讯持有其可观数量的少数股权。

Vivendi, which has been exploring the sale of a Universal stake since last year, has shed billions of euros worth of assets in the telecoms and video games sector in the past decade. The company said it was also discussing “areas of strategic commercial co-operation” with Tencent, including growth opportunities from “the opening of new markets”.

过去10年里在电信和视频游戏领域脱手数十亿欧元资产的维旺迪,自去年以来一直在寻找机会出售环球音乐的股份。该公司表示,还在与腾讯讨论可进行“战略性商业合作的领域”,包括“开辟新市场”的增长机会。

Tencent is planning to buy the stake through its investment arm, not its US-listed music business. A heavy backer of music services worldwide — including India’s Gaana, pan-Asian service Joox and singing app Smule — the move to buy into a record label signals a change in strategy towards content rather than technology.

腾讯计划通过其投资部门、而不是其在美国上市的音乐业务来收购这些股份。这家中国企业是世界各地音乐服务——包括印度的Gaana、泛亚服务Joox及歌唱应用程序Smule——的一大后台,入股一个唱片品牌标志着一项战略转变,即转向内容,而非技术。

Mark Mulligan, managing director of Midia Research, pointed to the debate in the music community over whether the balance of power lay with record labels or streaming services. “Tencent are now betting on both horses,” he said.

Midia Research的董事总经理马克•穆里根(Mark Mulligan)指出,音乐界现在有一场辩论,其焦点问题是力量平衡掌握在唱片公司还是流媒体服务手里。“腾讯现在在同时赌两匹马。”他说。

Elsa Hu, a Hong-Kong based director at tech-focused investment bank GP Bullhound, said the Universal deal would be “another investment in the content and intellectual property end of the . . . entertainment industry”.

专注于科技行业的投行GP Bullhound驻香港董事Elsa Hu表示,腾讯收购环球音乐股份的这笔交易将是“在娱乐业的……内容和知识产权方面作出的又一笔投资”。

Universal already has an agreement with Tencent to use its streaming platforms and established Abbey Road China alongside its potential investor.

环球已经与腾讯达成协议,将使用其流媒体平台,并与潜在投资者一起在中国设立一间以Abbey Road为名的录音室。

However, investment bank Jefferies sounded a note of caution, warning that “US political opposition to Chinese investment in a strategic asset could obstruct” the deal.

然而,投资银行杰富瑞(Jefferies)告诫称,“美国对中国投资一项战略资产的政治反对可能会阻碍”这笔交易。

Lucian Grainge, the Universal chief executive who led the talks alongside Vincent Bolloré, Vivendi’s billionaire president, stressed that the deal would not disrupt the music company’s strategy, saying: “Obviously, we remain part of the Vivendi family.”

与维旺迪的亿万富翁掌门人万桑•博洛雷(Vincent Bolloré)一同主导这次谈判的环球音乐首席执行官卢西恩•格兰奇(Lucian Grainge)强调,这笔交易不会扰乱这家音乐公司的战略,他表示:“显然,我们仍然是维旺迪家族的一员。”

Tencent has the potential to act as a gatekeeper to the Chinese music market, which western music companies have found hard to crack because of cultural tastes and rampant piracy. Jerry Dellis, analyst with Jefferies, noted that Universal generated the same revenue in Portugal as it did in China.

腾讯有潜力成为中国音乐市场的守门人,西方音乐公司发现,由于文化品味和盗版猖獗,中国音乐市场很难攻克。杰富瑞分析师杰里•戴利斯(Jerry Dellis)指出,环球音乐目前在葡萄牙创造的收入与在中国创造的收入相同。

Additional reporting, David Keohane in Paris

戴维•基奥恩(David Keohane)巴黎补充报道

译者/何黎

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