Home Business Common Music Group shares soar in market debut

Common Music Group shares soar in market debut

Woman Gaga performs through the Pepsi Zero Sugar Tremendous Bowl 51 Halftime Present at NRG Stadium on February 5, 2017 in Houston, Texas.

Tom Pennington | Getty Photographs Sport | Getty Photographs

Common Music Group shares surged in its inventory market debut Tuesday, in Europe’s largest itemizing of the yr thus far.

The corporate behind platinum-selling artists together with Woman Gaga and Taylor Swift traded simply above 25 euros ($29.32) per share Tuesday morning, greater than 35% above the reference value of 18.5 euros per share. It listed on the Euronext Amsterdam inventory change.

In June, French media group Vivendi received the backing of shareholders for its proposed spin-off of UMG, which is taken into account its crown jewel. 60% of UMG’s shares will go to Vivendi shareholders — with controlling shareholder Vincent Bollore receiving a stake value round 5.9 billion euros.

UMG accounts for round three-quarters of Vivendi’s income, which has prompted questions concerning the firm’s future technique, given it is going to solely personal a ten% stake in UMG after the itemizing. An additional 20% is owned by Chinese language big Tencent, with 10% owned by billionaire William Ackman’s hedge fund Pershing Sq..

UMG is the biggest music firm on the earth, and dominates the music trade as a part of the “Large Three” report labels, alongside Warner Music Group and Sony Music.

It owns and runs companies in additional than 60 international locations, and is behind different family names in music together with Ariana Grande and Queen. Its again catalog additionally consists of iconic artists like Bob Dylan and the Beatles, which had been main attraction factors for buyers.

The corporate has centered its technique on the growth in music streaming, which it expects to spice up royalty income and income for a while to return.

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