NEW YORK (CelebrityAccess) — Chinese streamer Tencent Music Entertainment has acquired a hefty chunk of Warner Music Group, according to a filing from the label with the Securities & Exchange Commission.
Per the filing, a subsidiary of TenCent acquired 4 million shares of Class A common stock in Warner Music Group.
The shares, worth about $120 million at current valuation, represent 5.2 of all of WMG’s outsanding Class A stock.
While WMG did not disclosed the price price, the deal closed on June 3rd, the same day that Warner took its stock public on the Nasdaq, according to the filing.
Since its IPO, WMG has been trading at around $30.
The deal now gives Tencent a stake in both Warner Music Group and Universal.