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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