The sale of up to 50% of Universal Music Group could be moving closer.

Parent company Vivendi announced the plan more than a year ago to secure investment from a strategic partner. In February, it was preparing to confirm details of investment banks within weeks.

According to Reuters, Vivendi will now appoint several investment banks on Thursday (July 25) to move ahead with the sale process. The Paris-based company announces its half-year results.

Valuations for Universal Music Group have ranged from €17 billion (£15.2bn) to €44bn (£39.2bn)

The major has seen a strong, streaming-led return to growth.

However, the controversy surrounding reports of the destruction of master recordings in a 2008 fire has come at an awkward time for the Vivendi sell-off.

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