Believe shares rise on Warner Music interest and more music stocks, including a big Sphere Entertainment increase and K-pop stocks' overall decline.
its interest in the owner of distributor TuneCore, publishing administrator Sentric and such record labels as Naïve and Groove Attack. Last week, Believe announced it had interest from an unnamed party, which caused the share price to exceed the 15 euro per share and investment funds EQT and TCV. After the potential suitor was given a name, Believe’s share price rose even more. WMG, which hasn’t made an official offer, said it would pay “at least” 17 euros per share. WMG shares fell 4.
Sphere Entertainment Co. shares rose 10.1% this week to $48.77, adding $127 million to the company’s market capitalization and bringing its year-to-date gain to 43.5%. Three of four live music companies posted gains in an otherwise muted week for music stocks: German promoter CTS Eventim gained 2.2% to 75.10 euros , while on Thursday , Live Nation shares surpassed $100 for the first time since May 2, 2022. The concert giant finished the week up 2.7% to $99.75.
Stocks were mixed globally. In the United States, the Nasdaq composite dropped 1.2% to 16,085.94 and the S&P 500 declined 0.3% to 5,123.69. U.S. stocks reached new records on Thursday following comments by Federal Reserve chiefthat indicated the central bank will ease interest rates. “If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year,” Powelloffered mixed messages to investors.
In the United Kingdom, the FTSE 100 fell 0.3% to 7,659.74. South Korea’s KOSPI composite index rose 1.4% to 2,680.35. China’s Shanghai Stock Exchange index improved 0.6% to 3,046.02. Jennifer Lopez’s ‘This Is Me…Now’ Project Leaned Into Her Multi-Hyphenate Status to Reestablish Her as a Music Star
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