Last year, the Paris-based company disclosed its willingness to sell up to 50 percent of UMG in lieu of a public offering. Instead, they decided to gamble on the resurgence of the music industry, led by ad-based and subscription music streaming portals.

After the onset of digital downloads 10 years ago caught Hollywood's music studios napping and devastated the music industry, UMG has steadily worked its way back up the charts with a winning formula of direct-to-consumer downloads and by licensing their most popular recording artists to streaming giants, such as Spotify and Apple. To date, UMG has entered into licensing deals with more than 400 digital platforms worldwide.

This strategy has paid off handsomely as online music sales have rocketed in popularity worldwide, resulting in tripled revenues for UMG.

Vivendi's Chairman Sir Lucian Grainge characterized the pending Tencent deal as "an exciting development," while asserting that UMG would remain "part of the Vivendi family."

"I can assure you that Vivendi's supervisory and management boards, as well as the Bollore family, will continue to be steadfast supporters of our strategy, our work and our teams," he said. "It goes without saying that our commitment to recording artists and songwriters will continue unchanged."

While Vivendi's investors responded positively to the news, with shares up 7 percent in Paris trading, some investment banks that estimated the company to be worth between 19 billion dollars and 48 billion dollars expressed disappointment at the mid-level strike price of 33.6 billion dollars.

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