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  "documentTitle": "Sony Corporation (6758.T)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
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  "presentationDate": "2019-06-13 00:00:00",
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  "notes": "Includes a valuation sensitivity table for UMG based on enterprise value.",
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      "text": "Recent press reports (Feb '19) indicate both Tencent and KKR are exploring bids valued at $23bn for 50% of UMG (i.e. $46bn total value)",
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      "text": "EBITDA comparison: UMG and Sony Music ($mm)",
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      "text": "Within Vivendi's portfolio, UMG represents ~70%+ of the total asset value. In July 2018, the company announced a sale process for up to 50% of UMG. Recent reports indicate Tencent and KKR are exploring bids valued at $23bn for 50% of UMG.",
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      "text": "TEV / EBITDA: $46bn",
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      "text": "Valuation ranges and implied multiples for UMG enterprise value from $25bn to $55bn.",
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      "kind": "title",
      "text": "Vivendi sale of 50% of UMG will shine a spotlight on the value of Sony Music",
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