Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Investors tune in as Universal leaps on debut

09/21/2021 | 07:23am EDT

It's home to stars including Taylor Swift and Justin Bieber.

And investors seem to like what they hear.

Universal Music Group shares leapt more than a third in their stock market debut on Tuesday (September 21).

The world's biggest music label saw its market value in Amsterdam leap to almost $55 billion.

It was spun off by France's Vivendi, which handed a 60% stake in Universal to its shareholders.

But that saw Vivendi's own shares plunge as much as 20% as investors reassessed the media group's value without the music label.

U.S. hedge fund billionaire William Ackman and China's Tencent were among the major winners from the listing, alongside Vivendi's controlling shareholder Vincent Bollore, with all retaining large slices of the music giant.

Universal shares leapt around 39% in early trade.

The company hopes to build on deals with ad-supported sites such as TikTok and YouTube.

As well as streaming services such as Spotify.

It also has rights attached to its huge back catalog, which includes The Beatles, Rolling Stones and Billie Eilish.

And collects royalties for its artists across social media platforms.

The global health crisis hit live concerts and Universal's merchandising business.

But ad-supported revenues have picked up after a blip.

Its market listing is the biggest in Europe this year, and a coup for the Amsterdam exchange.


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SPOTIFY TECHNOLOGY S.A. -0.82% 252.83 Delayed Quote.-18.96%
TENCENT HOLDINGS LIMITED 0.79% 509.5 End-of-day quote.-9.66%
VIVENDI SE 1.15% 11.445 Real-time Quote.-57.11%
Latest news "Economy & Forex"
03:21pWhite House says no new deadlines on reconciliation bill
RE
03:20pEXCLUSIVE : Canada says proposed U.S. EV tax credit could harm sector
RE
03:18pExclusive-U.S. utility Duke in advanced settlement talks with Elliott -sources
RE
03:17pU.s. cdc says administered 411,963,025 doses of covid-19 vaccine as of oct 22 vs 411,010,650 doses administered as of oct 21
RE
03:17pU.s. cdc says delivered 501,613,665 doses of covid-19 vaccine as of oct 22 vs 498,702,405 doses delivered as of oct 21
RE
02:57pCanada hopes it does not have to address U.S. proposed policy on electric vehicles through USMCA, but that is an option - gov't source
RE
02:57pCanada will have to continue to engage united states on all levels over ev policy, thinks it will eventually reach some kind of resolution - gov't source
RE
02:57pCanada hopes it does not have to address u.s. proposed policy on electric vehicles through usmca trade treaty, but that is an option - gov't source
RE
02:51pWall Street's main indexes down on taper talk, earnings concerns
RE
02:50pU.S. CDC Reports Total Deaths Of 731,931 Due To Coronavirus As Of Yesterday
RE
Latest news "Economy & Forex"