Just to be clear, that's only one part of the payment from UEFA TV money.
It's complicated.
From memory (and this can definitely be written more clearly!). 30% of CL TV income is now split based on a 10 year record, with title-winning coefficients on top. Utd have to be in the CL group stage to benefit from CL money (but there is a lesser EL version, and they got lots of ranking points for winning the EL), and have 2 CL wins in the most highly rated period. City have a solitary 1 coefficient point from winning the CWC a long time ago. Utd are about 6th overall on the 'history' points bonus - Real Madrid are obviously top.
Additionally, one chunk is split 40/30/20/10% to the top 4. Then there is 'prize' money for progress/wins. I think these are separate and coefficient-free.