AMSTERDAM :Universal Music Group's shares leapt more than a third in their stock market debut on Tuesday as investors bet a boom in music streaming still has a long way to run.
U.S. hedge fund billionaire William Ackman and China's Tencent - among the major winners from the Amsterdam listing, alongside Vivendi's controlling shareholder Vincent Bollore - are retaining large slices of Universal. Universal's strong debut will be a vindication for Ackman, who was forced into an embarrassing u-turn after U.S. regulators blocked his plans to invest into Universal via his special purpose acquisition company in July.
The COVID-19 pandemic hit live concerts and Universal's merchandising business, but ad-supported revenues have picked up after a blip.
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Universal Music Group shares surge on stock market debutAMSTERDAM : Universal Music Group's shares surged at the start of trading on Tuesday, as the company behind singers such as Lady Gaga and Taylor Swift made its stock market debut.Universal Music Group (UMG) was trading at 25.50 euros by 0705 GMT, up by around 37.8per cent compared to their reference price
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