At the end of the first quarter of 2020, Vivendi completed a partial sale of Universal Music Group to a consortium led by Tencent, a Chinese media conglomerate. The amount of stake of the world's largest record label group that has been sold to the consortium is 10% and the valuation of which was $3.3 billion. The Tencent-led consortium retained an option to purchase another 10% at the same valuation until January 2021, which they opted to exercise in December 2020. Vivendi is also said to be eyeing an IPO of the music group by 2023 at the latest.