Universal Music Group Files for U.S. Public Offering
The company, which is based in the Netherlands, filed a confidential draft registration statement with the U.S. Securities and Exchange Commission, it said in a statement on Monday. It's not clear yet how many shares it will offer, or for how much.
The offering is part of a deal Universal reached in January with Pershing Square, as described by Bill Ackman, the hedge fund's founder and chief executive in January on social media. That agreement said Pershing could ask Universal Music to list in the United States if the hedge fund sells at least $500 million of its stock in the offering. . Pershing Square's total investment in Universal Music Group was $3.3 billion, Mr. Ackman said.
Sales of recorded music drove revenue growth for Universal Music last year, which saw the release of new albums by artists like Ms. Swift, Billie Eilish and Sabrina Carpenter, who rank among the most streamed artists globally on Spotify and Apple Music. Universal owns the labels that publish and distribute music from those and other artists.
The group's heft was on display last year when Universal pulled songs owned or published by its labels from TikTok over a dispute for royalties from music used on the short-form video app. The two companies settled that dispute in May 2024.
Universal will not receive any proceeds from the sale of ordinary shares by the selling shareholders, it said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Black America Web
a minute ago
- Black America Web
LeBron James Caught Rapping 'Not Like Us' On Vacation With Jeff Bezos, X Rides For Drake
Source: George Pimentel / Getty Social media has its foot on LeBron James' neck and for once it's got nothing to do with the NBA GOAT debate. King James is trying to enjoy what may be his last NBA offseason, and that includes vacationing with friends and family, which is how he found himself in Cannes, France. The only problem is that while out grabbing dinner, he was seen vibing a bit too hard to Kendrick Lamar's 'Not Like Us.' A hyped up James and his wife Savannah can be seen sitting next to friend Maverick Carter singing along to the now-infamous 'A minorrrr' line. To make matters worse, billionaire Jeff Bezos is seen filming the moment as his newly minted wife Lauren Sanchez dances along. It's only the latest fracture in James' relationship with Drake, because the NBA champion chose to publicly support Kendrick Lamar during the beef instead of his longtime friend. He was even spotted dancing to the diss track at Lamar's Juneteenth Pop Out concert, which immediately caused a riff with Drake, who then changed lyrics on 'Nonstop' to 'how I go from 6 to 23 but not LeBron.' Then Drizzy cemented that there was no coming back from his disloyalty by covering up his James tattoo with one of Shai Gilgeous-Alexander, the fellow Canadian native who won this year's NBA Finals with the Oklahoma City Thunder. Drake has been the butt of all jokes about the beef on everything from subtle jabs, wearing a bullet-ridden hoodie to show his friends shot him in the back, and addressing the signs he missed on 'What Did I Miss?' That track even had a bar that seemingly references Bron, when Drake raps, 'I saw bro in the Pop Out with them but been d-ckriding gang since 'Headlines.'' But seeing James turn up to 'Not Like Us' on vacation has rubbed fans the wrong way, and they're suddenly looking at his broken friendship with Drake a bit differently. The Los Angeles Lakers have found new rappers to hang out with, recently appearing in Tyler, The Creator's video for Stop Playing With Me.' Which also features Drake hater Pusha T alongside his brother Malice as Clipse. See how social media is roasting King James below. LeBron James Caught Rapping 'Not Like Us' On Vacation With Jeff Bezos, X Rides For Drake was originally published on
Black America Web
a minute ago
- Black America Web
Drake Responds To 'F*ck Kendrick* Chant During Concert Performance: 'I Can't Say I Don't Agree'
Source: Simone Joyner / Getty / Drake Drake's salty levels regarding Kendrick Lamar are showing no signs of dipping. Kendrick Lamar isn't planning on retiring 'Not Like Us' anytime soon, and Drake isn't gonna miss an opportunity to take a swipe at Lamar during his shows. Following his record-breaking headlining three-night performance at the Wireless Festival, where he acknowledged a 'F*** Kendrick' chant by telling the crowd, 'You know what, Chubbs… Grab me a shot. I'll drink to that,' and wildly claimed that UK rappers are better lyricists than their American counterparts, Aubrey is back at it again. Currently on tour with one of his favorite collaborators, PartyNextDoor, for their Some Special Shows 4 U Tour to help promote their collaborative project, Some Sexy Songs 4 U, Drake didn't hesitate to respond when the Birmingham crowd broke out another 'F*** Kendrick' chant. 'Alright, alright, alright. I can't say I don't agree,' Drake said after stopping the crowd. Since his lyrical defeat, Drake has continued to show signs of fight and anger, taking shots at those he once considered friends, such as NBA players LeBron James and DeMar DeRozan. The Canadian Hip-Hop star was BIG MAD after they appeared at Lamar's epic Pop Out concert, and he even went as far as to address them on his latest song, 'What Did I Miss.' As expected, social media is reacting to Drake's latest attempt to show Lamar that he is still in his feelings about the rap battle he definitely lost. 'Kendrick says 'Fuck Drake' with his whole chest on stage while Drake lets others say it and goes 'hey man you guys said it not me,' one post on X, formerly Twitter, reads. You can see more reactions in the gallery below. Drake Responds To 'F*ck Kendrick* Chant During Concert Performance: 'I Can't Say I Don't Agree' was originally published on
TechCrunch
a minute ago
- TechCrunch
UK targets Apple and Google's mobile platforms for regulation
In Brief The U.K.'s Competition and Markets Authority (CMA) announced on Wednesday a proposal that would give Apple and Google's mobile platforms 'strategic market status' — a designation that allows the regulator to create rules that could change how their app stores operate and how their mobile software works. The move is designed to create a more open, competitive environment for the app economy and user choice. However, Apple and Google have pushed back at the proposals, with Apple saying changes would compromise user security and privacy. A final decision on the matter will arrive in October, after the two companies present their cases. If the proposal goes through, it would give the CMA the ability to address issues like the commission rates on in-app purchases, the app review process, app rankings, restrictions on developer access to certain technology, and default settings that could reduce competition, among other things. Tim Sweeney, CEO of Epic Games, which has been involved in antitrust lawsuits against the tech giants, expressed his disappointment in the proposed roadmap, as it doesn't allow for competing mobile app stores like the Epic Games Store.
