Lucian Grainge has signed a new contract that will keep him at Universal Music Group until 2020.

Parent company Vivendi has agreed a five-year development plan with UMG senior management – with Grainge naturally at the centre.

“This plan will enable the company to maintain its profitable growth and continue to play a leading role in the transformation of the music industry,” said a Vivendi release.

The French company also said that UMG “is at the heart of Vivendi’s strategy ...