PARIS (dpa-AFX) - French media giant Vivendi SA (VIV.L, VIVEF.PK) has agreed on a five-year development plan with the senior management of Universal Music Group (UMG).
The plan will enable UMG to maintain its profitable growth and continue to play a leading role in the transformation of the music industry.
UMG is at the heart of Vivendi's strategy to refocus the Group on media and content creation and to be the preferred partner for all creative talent. Key to this strategy is the fact that Lucian Grainge CBE, Chairman and Chief Executive Officer of UMG, has committed to UMG and the Vivendi Group for a further five years, until at least 2020.
UMG will accelerate the monetization of music on digital channels, broaden the reach of its audio and visual content through multiple partnerships with platforms and strengthen its strategic relationships with brands and sponsors.
UMG will also pursue its industry-leading track record of talent management and development, and continue investing in high-potential markets for music, such as Africa, India and China.
Copyright RTT News/dpa-AFX