The logo of Universal Music Group is seen at a building in Zurich, Switzerland July 20, 2021. REUTERS/Arnd Wiegmann/File Photo
Shares of Vivendi, by contrast, sank by more than 15 percent on the Paris CAC 40 stock exchange as the media company offloaded a majority stake of its crown jewel. Universal Music, like its rivals Warner and Sony, was once threatened by music piracy but profits have soared in the age of streaming.Last year the group bought Bob Dylan’s entire song catalogue for $300 million, one of the biggest acquisitions in music history.Based in Santa Monica, California, UMG has been a cash cow for Vivendi’s media empire, with a turnover of 7.4 billion euros last year, accounting for 46 percent of the parent company’s revenue.
Aware that shedding its number one asset might be a risky move, Vivendi has taken steps — described as “quite extraordinary” by one activist shareholder — to protect its own share price.
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