Universal Music Group shares jumped 39% in their first trading day on the Euronext Amsterdam exchange.
The company, which controls artists like Taylor Swift and Drake as well as a vast publishing catalog including the Beatles and Bob Dylan, ended the day with a valuation of nearly $53 billion.
The spinoff of 60% of the music entity had been teased for a long time by parent Vivendi. Heading into today’s public debut, Umg’s share price was set at €18.50 per share, resulting in a market capitalization of €33.5 billion on the day of listing. By the end of day, the market value was €45 billion euros, or about $52.8 billion.
William Ackman’s Pershing Square Capital bought a 10% stake in the company over the summer. China’s Tencent has also accumulated 20% of Umg after two major investments in recent years.
After being ravaged by the internet during the early days of streaming, the music industry...
The company, which controls artists like Taylor Swift and Drake as well as a vast publishing catalog including the Beatles and Bob Dylan, ended the day with a valuation of nearly $53 billion.
The spinoff of 60% of the music entity had been teased for a long time by parent Vivendi. Heading into today’s public debut, Umg’s share price was set at €18.50 per share, resulting in a market capitalization of €33.5 billion on the day of listing. By the end of day, the market value was €45 billion euros, or about $52.8 billion.
William Ackman’s Pershing Square Capital bought a 10% stake in the company over the summer. China’s Tencent has also accumulated 20% of Umg after two major investments in recent years.
After being ravaged by the internet during the early days of streaming, the music industry...
- 9/21/2021
- by Dade Hayes
- Deadline Film + TV
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