5 - 9 Aug: Your guide to what’s happened this week in the media, entertainment and technology industry.
Tencent set to buy 10% UMG stake from Vivendi
Chinese tech group Tencent is looking to expand its footprint in the global music industry by purchasing a 10 per cent stake in Universal Music Group, according to The Financial Times.
Currently owned by French media giant Vivendi, the deal once completed would value the world’s largest music group at €30 billion. The ongoing negotiations are part of Vivendi’s move to shed assests in various media sectors.
Disney to remake classics for Disney+
Disney announced it will be creating “reimaginations” of some 20th Century Fox blockbusters, including Home Alone and Night At the Museum, the BBC reported.
The studio now owns all titles and franchises under 20th Century Fox after it bought the film studio in March earlier this year. Chief Executive Bob Iger said the studio is “focused on leveraging Fox’s vast library of great titles to further enrich the content mix” on Disney+. The streaming service is set to arrive in the US in Nevember and is expected to arrive in the UK next year.
- Read more: Disney completes $71.3.bn Fox acquisition
China biggest export market for EU films
China is the biggest export market for European films, according to a report on the circulation of European films outside the continent, Broadband TV News reported.
The country beat North America as the largest export market for European films in terms of admissions. There has also been a surge in ticket sales for European films in China, making the admissions rise by 18.7 per cent, the second-best result in the last five years.
AT&T subscribers get Spotify Premium free
In other ‘telco x music’ news, AT&T Unlimited subscribers can now enjoy a free Spotify Premium subsciption, according to The Verge.
The Spotify Premium subscription can be selected as one of two free add-ons offered by AT&T and remains free for the life of the Unlimited subscription. The new offering is a competitive move in response to Verizon, which offers free subsciption to Apple Music.
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