Latest news with #PershingSquare
Yahoo
8 hours ago
- Business
- Yahoo
Universal Music Group Files Confidentially for US Listing
(Bloomberg) -- Universal Music Group NV has filed confidentially for a US listing, which would fulfill the terms of a deal with billionaire Bill Ackman's hedge fund Pershing Square. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital The Amsterdam-listed firm submitted documents to the US Securities & Exchange Commission relating to a proposed offering by certain of its shareholders, according to a statement Monday. The world's largest music company won't receive any proceeds from the sale. Universal Music's shares rose 0.9% to €27.31 apiece at 9:51 a.m. in European trading on Tuesday, leading gains in Amsterdam's AEX Index. The filing comes after Universal said in January it would plan the US listing in order to satisfy an agreement with Pershing Square, a statement at the time showed. Ackman resigned from Universal's board in May, citing increasing demands on his time from commitments including his appointment as Executive Chairman of Howard Hughes Holdings Inc. Universal Music, which is the label for artists including Taylor Swift, had in recent months resisted Ackman's push to move its domicile and delist it from Euronext Amsterdam. Pershing Square had urged Universal Music to pursue a US listing, saying it would substantially increase the valuation of the shares. A group of shareholders affiliated with Pershing Square in March raised more than €1.3 billion ($1.5 billion) from the sale of about a 2.7% stake in the Hilversum, Netherlands-headquartered firm, Bloomberg News reported. --With assistance from Sarah Jacob. (Updates with share move in third paragraph.) Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P.
Euronews
9 hours ago
- Business
- Euronews
Universal Music Group confidentially files for US stock market listing
Universal Music Group (UMG) has submitted a confidential application with the Securities and Exchange Commission (SEC) to sell its shares in the US. The firm will not receive any proceeds from the sale, UMG said in a statement on Tuesday. 'The number of ordinary shares to be offered and the price range for the proposed offering have not yet been determined,' it added. The listing also remains subject to review by the SEC. The world's biggest music company, which represents artists like Taylor Swift, Billie Eilish, and Lady Gaga, is already listed in Amsterdam and has a stock market valuation there of almost €50 billion. The firm is both American and Dutch, holding its corporate headquarters in Hilversum, the Netherlands, and its operational headquarters in Santa Monica in the US state of California. UMG said in January that it would plan for the US listing after pressure from major hedge fund investor Pershing Square. Billionaire Bill Ackman, who leads Pershing Square, argued that a listing in the US would substantially boost UMG's value. Despite a dip caused by Trump's tariffs, US stock markets are now enjoying a rebound with the Nasdaq and the S&P 500 closing at record highs on Monday. The S&P 500 rose 0.1% and edged past its all-time high set last Thursday, the Nasdaq composite added 0.4% to its own record, while the Dow Jones Industrial Average dropped by less than 0.1%.
New York Times
12 hours ago
- Business
- New York Times
Universal Music Group Files for U.S. Public Offering
Universal Music Group — the music titan behind popular artists like Taylor Swift and Drake — said on Monday that it had submitted a proposal for a public offering in the United States. 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.
BBC News
15 hours ago
- Business
- BBC News
Taylor Swift and Drake music giant files to list on US stock market
Universal Music Group's (UMG) - which is the world's biggest music group and owner of the record labels behind mega stars Taylor Swift, Drake and Lady Gaga - has filed to sell its shares in the company, which is already listed in the Netherlands, has a stock market valuation there of almost €50bn ($43.3bn; $58.5bn).The music powerhouse's line-up of international superstars also includes Billie Eilish, Ariana Grande and Harry move comes as two major US share indexes - S&P 500 and Nasdaq Composite - closed at fresh record highs on Monday as share markets continue to rebound after a brief slump over concerns triggered by President Donald Trump's tariff policies. UMG said in its statement that it has filed a confidential statement with the US financial markets regulator, Securities and Exchange Commission (SEC).The potential public offering remains subject to review by the SEC, it company did not reveal the size of the planned US offering or how much it could filings allow firms to keep information private while engaging with regulators and assessing investor appetite for a share sale before disclosing details investor Bill Ackman's hedge fund Pershing Square, which is one of the biggest shareholders of UMG, has previously pushed the firm to list in the January, Mr Ackman posted on X that a listing in the US would push up UMG's value."We also believe the US listing will greatly improve trading liquidity for the shares," he said.
Business Times
16 hours ago
- Business
- Business Times
Universal Music Group files confidentially for US listing
[NEW YORK] Universal Music Group has filed confidentially for a US listing, which would fulfil the terms of a deal with billionaire Bill Ackman's hedge fund Pershing Square. The Amsterdam-listed firm submitted documents to the US Securities & Exchange Commission relating to a proposed offering by certain of its shareholders, according to a statement on Monday (Jul 21). The world's largest music company will not receive any proceeds from the sale. The filing comes after Universal said in January it would plan the US listing in order to satisfy an agreement with Pershing Square, a statement at the time showed. Ackman resigned from Universal's board in May, citing increasing demands on his time from commitments including his appointment as executive chairman of Howard Hughes Holdings. Universal Music, which is the label for artists including Taylor Swift, had in recent months resisted Ackman's push to move its domicile and delist it from Euronext Amsterdam. Pershing Square had urged Universal Music to pursue a US listing, saying it would substantially increase the valuation of the shares. A group of shareholders affiliated with Pershing Square in March raised more than 1.3 billion euros (S$1.9 billion) from the sale of about a 2.7 per cent stake in the Hilversum, Netherlands-headquartered firm, Bloomberg News reported. BLOOMBERG
