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Tencent-led group to buy stake in Universal Music; Snap buys AI Factory

S&P Global Market Intelligence provides a wrap-up of U.S. companies' technology, media and telecommunications deal announcements, completions and updates from Dec. 24, 2019, to Jan. 6.

Top News

* A consortium led by Chinese conglomerate Tencent Holdings Ltd. agreed to purchase a 10% equity stake in Universal Music Group Inc. from France-based Vivendi SA in a deal that values the total music enterprise at €30 billion. This transaction is expected to close by the end of the first half of 2020.

Announcements

* Israel-based Tremor International Ltd. agreed to acquire News Corp.'s video advertising platform Unruly Group Ltd. The deal will see Tremor International issuing 8,525,323 shares or about 6.91% of its voting share capital to News Corp., with the latter agreeing not to sell any of the shares for a period of 18 months.

* Cinedigm Corp. signed a definitive stock purchase agreement to purchase about 29% of the outstanding equity of Starrise Media Holdings Ltd. from two existing holders. Under terms of the transaction, which is expected to close in the first quarter of the year, the company agreed to issue to the sellers a total of 54,850,103 shares of its class A common stock. Starrise Media distributes film content theatrically and to key media platforms in China.

Completions

* Amazon.com Inc. completed the purchase of Net Insight AB's consumer streaming unit Sye for about 350 million Swedish kronor in cash. The acquisition includes the Sye technology as well as relevant intellectual property rights, contracts and about 30 employees and consultants. Sweden-based Net Insight is a provider of media networks technology and resource optimization services.

* Snap Inc. acquired image and video recognition startup AI Factory Inc. for $166 million, Variety reported, citing Ukrainian tech publication AIN.ua. Snap confirmed the transaction, but a company spokesman declined to comment on the terms of the deal, according to the report. The technology from AI Factory is used for Snapchat's Cameos feature, which allows users to send a looping video of manipulated selfies via chat.

* LICT Corp. completed the sale of its 25% stake in Modoc RSA LP to Verizon Wireless (VAW) LLC for an undisclosed amount. Modoc provides wireless service in a rural area of Northern California. The transaction was not subject to any regulatory approvals. Verizon Wireless is a unit of Verizon Communications Inc. LICT is a holding company with subsidiaries in multimedia and telecommunications services.

* Uber Technologies Inc. completed its previously announced purchase of Dubai-based rival Careem Networks FZ LLC for $3.1 billion. Following the acquisition, Careem will continue to operate under its namesake brand as a subsidiary of Uber. Careem is an online on-demand ride-hailing platform with a presence in 120 cities across 15 countries.

* Endeavor Group Holdings Inc. bought a majority stake in private equity-backed experiential hospitality company On Location Experiences, formally known as On Location Events LLC. The transaction is valued at approximately $660 million, Bloomberg News reported, citing people familiar with the matter.

* American Tower Corp. completed its approximately $1.85 billion acquisition of London-based Eaton Towers Holdings Ltd., including the assumption of existing Eaton Towers debt. The deal adds about 5,700 communications sites to the communications-focused real estate investment trust's African portfolio.

* VMware Inc. completed the acquisition of cloud-native platform provider Pivotal Software Inc. The deal represents an enterprise value for Pivotal of about $2.7 billion.