NEW YORK (CelebrityAccess) — Liberty Media Corp. Chief Executive Officer Greg Maffei said the company would “absolutely” consider taking a stake in the label giant Universal Music Group.
The subject came up during Liberty’s investor conference when Maffei, responding to a question, said that the label group would be a good fit for Liberty’s portfolio, according to a report by Bloomberg.
“Would we look at UMG if presented? Absolutely,” Maffei said on Wednesday, according to Bloomberg. “Does it make potentially some sense to own part of the content infrastructure as a way to hedge? Absolutely.”
Liberty already has a substantial footprint in the entertainment sector and owns a controlling interest in satellite broadcaster Sirius XM as well as a major stake in Live Nation, where Maffei currently serves as chairman of the board of directors.
UMG’s current corporate parent, French media conglomerate Vivendi, indicated in July that they were interested in selling as much as 50% of UMG to one or more partners, particularly if those partners were a good fit for UMG’s current strategy.
In July, Vivendi said they were hoping to find a buyer within the next 18 months.
Vivendi previously considered taking UMG public but backed away from the idea. Per Bloomberg, analysts at Liberum valued Universal Music at 20.6 billion euros ($24 billion) earlier this year.