After dumping shares in Spotify, Warner and Sony have acquired $200m of shares in Tencent before its IPO. At this point in time, Universal Music doesn't appear to be part of any deal with Tencent.
Under the deal, the shares held by Warner and certain shares held by Sony will be subject to a lock-in which will expire either on the third anniversary of the completion of the IPO of TME or on 1st October 2021 – subject to limited exceptions.
The remaining shares held by Sony will be subject to a lock-in that will expire either at the end of six months following the completion of the TME IPO or on 1st April 2019. Again, subject to limited exceptions.
Both Warner and Sony can request TME to repurchase the shares held by them at their subscription price if there is no successful IPO by the end of 2019.
Tencent Music Entertainment had filed to float on the New York Stock Exchange and/or the NASDAQ.