Previously, Arnaud de Puyfontaine, CEO of Vivendi, disclosed that proceeds from the UMG sale would be used to acquire companies and buy back shares.

Becoming a sizeable shareholder in UMG would not only give Tencent a seat at the power table and enable it to help shape the global music industry, but also help it to fend off hot competition from its chief rival at home, Bytedance, which is giving Tencent's mobile media giant, WeChat, a run for its money.

Douyin and TikTok, Bytedance's hit video app platforms, enable users to add musical soundtracks to their short videos, which rely on licensed tracks from leading music companies like UMG.

The Wall Street Journal reported that Shawn Yang, managing director of research firm Blue Lotus Capital Advisors, believes Tencent wants to be seen as the leading music platform in China and is making strategic moves to do just that.

"If there is anything that can create pressure on TikTok, it's music," said Yang. "It still relies heavily on music copyright."

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