A billionaire in the music business usually doesn’t start out in the music business. They begin in less glamorous industries until, with a large enough bank account, they can buy a record label, music venue or concert promoter and earn entry into the world of media moguls. Or the billionaire joins the equally exclusive fraternity of professional sports team owners. Some do both music and sports.
Charles Dolan, the patriarch of the Dolan family, majority owners of MSG Entertainment and Sphere Entertainment Group —not to mention a few sports teams —began with a closed-circuit service that sent tourist information into New York City hotel rooms. Ron Burkle got his start working for a grocery store before turning into a grocery M&A titan.
In a few instances, billionaires came to the music business through Wall Street. Two celebrity hedge fund kings, Bill Ackman and Steve Cohen , have purchased stakes in public music companies. Ackman acquired 10% of Universal Music Group before its 2021 initial public offering, becoming a helpful cheerleader for UMG — and music assets in general — as more institutional investors put money into a growing slate of public and private music companies.
Warren Buffet is an outsider here. Buffet’s Berkshire Hathaway Holdings looks for undervalued companies with competitive advantages — think insurance companies and railroads. A media mogul he isn’t. Buffet has a reputation for investing in boring companies with good management and avoiding the crowds that drive up prices. “Price is what you pay; value is what you get,” he once said.
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