SoftBank three months ago offered to acquire Universal Music Group for $8.5 billion in cash, but the group's parent, Vivendi, turned down the offer, The New York Times reports, citing a person briefed on the offer. SoftBank, which is spending $21.6 billion to acquire Sprint Nextel, is looking to expand its worldwide portfolio of businesses, while Vivendi is actively divesting some units, Ben Sisario writes. Universal and Vivendi had no comment on the report, while SoftBank could not be reached.

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