(CelebrityAccess) – Tencent Music Entertainment and its parent company Tencent Holdings together have acquired a stake in Warner Music Group (WMG), according to SEC filings by the companies.
The deal, which took place on June 3rd, the same day WMG debuted on the Nasdaq, gives Tencent Holdings control of 8 million shares in total. That 8m equates to 10.4% of total outstanding Class A shares, and 1.6% of the entirety of WMG.
At current prices – Warner finished trading on June 3 at $30.12 per share – Tencent’s investment would be worth more than $246 million.
The deal also means that Tencent now owns a stake in two of the world’s three major labels – it previously acquired 10% of Universal Music Group last year.