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