A Pershing Square Holdings affiliate will acquire an additional 2.9% stake in the Universal Music Group from parent company Vivendi.
its original 7.1% stake for $2.8 billion three weeks ago. That original deal, announced Aug. 10, included this option to purchase the additional 2.9%, which was exercised by PS VII today.
UMG, which posted $2.4 billion in quarterly revenue in its latest earnings report, could be worth far more than the 33 billion euros at which Pershing is buying in; analysts suggest that factoring in its net debt, UMG’s enterprise valuation is around 35 billion euros, while its investment stakes in companies like Spotify, Tencent and Vevo push that value to 37 billion euros. Other analysts suggest that figure may be on the low end of UMG’s ultimate value.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
From Door To Door To 200,000 Square Feet Of Success: The Darvin Furniture StoryHow Darvin Furniture & Mattress grew from a door-to-door operation to one of the highest-volume single-location furniture stores in the world. An interview with brothers Steve & Marty Darvin and new president Will Harris, himself a 4th-generation furniture professional.
Read more »
The Times Square Margaritaville Resort Is an Unlikely Balm for a Restless MindMy weirdly blissful 24 hours of coconut shrimp, psychedelic light shows, BOOZE, and the myth of American leisure
Read more »
New ‘This Is Broadway’ Initiative Welcomes Theater-Lovers Back To Times SquareThe Broadway League, the national trade association for the Broadway industry, yesterday launched “This is Broadway,” an historic initiative to welcome theater lovers back to Times Square following the industry’s 18-month shut down.
Read more »
CBS News Unveils Morning Show Changes With New Name, Look And A Times Square StudioWhen Nate Burleson joins Gayle King and Tony Dokoupil as co-host of CBS’s morning show next month, the program will have a new look, theme and name: CBS Mornings. The changes, to launch on Se…
Read more »
Li Auto's stock rallies after surprise loss but revenue beat expectations, and outlook was upbeatShares of Li Auto Inc. undefined rallied 2.9% in premarket trading Monday, after the China-based electric vehicle maker reported a surprise second-quarter...
Read more »
Rock band Aerosmith and Universal Music Group sign alliance dealHard rock band Aerosmith and Universal Music Group (UMG) said they had signed a strategic, global alliance deal, whereby the entire Aerosmith recorded music catalogue is moving to UMG ahead of the band's 50th anniversary and UMG's IPO next month.
Read more »