Universal Music Group (also known in the United States as UMG Recordings, Inc. and abbreviated as UMG) is an American global music corporation that is a subsidiary of the French media conglomerate Vivendi. UMG's global corporate headquarters are located in Santa Monica, California. The biggest music company in the world, it is one of the "Big Three" record labels, along with Sony Music and Warner Music Group. Ten percent of Universal Music Group was acquired by Tencent Holdings in January 2020 for $3 billion US. In 2019, Fast Company named Universal Music Group the most innovative music company and listed UMG among the Top 50 most innovative companies in the world and "amid the music industry's digital transformation, Universal is redefining what a modern label should look like." UMG has signed licensing agreements with more than 400 platforms worldwide.