This week, Universal Music Group spent around $290 million buying back stock directly from Bill Ackman‘s Pershing Square, as the fund exited its position in the company.
Meanwhile, AI music firm Suno raised over $400 million, pushing its valuation to $5.4 billion.
Elsewhere, Garth Brooks was reported to be seeking up to $2 billion for his music catalog.
Also this week, Live Nation took a majority stake in Argentina’s Dale Play Live, while Sunita Kaur was named President, Asia, for Universal Music Publishing Group.
Here are some of the biggest headlines from the past few days…
1. UMG SPENDS $290M BUYING BACK STOCK FROM BILL ACKMAN’S PERSHING SQUARE, AMID FUND’S EXIT FROM MUSIC COMPANY
Universal Music Group has bought back EUR €250 million of its own stock directly from Bill Ackman‘s Pershing Square.
The figure translates to about USD $290 million at current exchange rates. UMG repurchased 14,156,285 of its ordinary shares at €17.66 each, the company said on Thursday (June 4).
The purchase formed part of the disposition of the entire remaining UMG position held by various Pershing Square funds… (MBW)
2. SUNO RAISES OVER $400 MILLION, PUSHING VALUATION TO $5.4 BILLION
Suno has raised over $400 million in Series D funding at a $5.4 billion post-money valuation. The round was led by Bond Capital, alongside IVP, Forerunner, Union Square Ventures, Alkeon, and Quiet, with participation from existing investors Matrix, Lightspeed, Menlo Ventures, and Schroders Capital.
The AI music company announced the round on Wednesday (June 3). CEO and co-founder Mikey Shulman wrote in a blog post that “as with our previous funding rounds, we’re thrilled to have participation from some of the best artists, producers, songwriters, and people from across the music industry.”… (MBW)
3. GARTH BROOKS SEEKING UP TO $2BN FOR HIS MUSIC CATALOG (REPORT)
Garth Brooks is considering selling his music catalog and is seeking around $2 billion for the rights to his songs and recordings.
That is according to the Wall Street Journal, which reported that the country star has been weighing a transaction for a few years, citing people familiar with the matter.
A deal at that price would rank among the largest ever struck for an individual artist or group’s catalog.
He has reportedly told potential investors that he believes the value of his music rights could fall anywhere from the high $1 billion range to more than $2 billion, according to people familiar with the matter cited by the newspaper… (MBW)
4. LIVE NATION ACQUIRES MAJORITY STAKE IN ARGENTINA’S DALE PLAY LIVE
Live Nation is set to acquire a majority stake in Dale Play Live, the concert promotion arm of Argentine entertainment company Dale Play.
Live Nation said the partnership will support the development of Latin and regional artists and expand Spanish-language music in Argentina. Dale Play Founder and CEO Federico Lauria will continue leading the company’s creative and strategic direction, Live Nation said in a statement on Monday (June 1).
The acquisition deepens a relationship Live Nation and Dale Play established earlier this year… (MBW)
4. SUNITA KAUR NAMED PRESIDENT, ASIA, FOR UNIVERSAL MUSIC PUBLISHING GROUP
Sunita Kaur has been appointed President, Asia, for Universal Music Publishing Group (UMPG).
The news was announced on Monday (June 1) by UMPG Chairman & CEO Jody Gerson, to whom Kaur reports.
According to the announcement, based in Singapore, Kaur will oversee the company’s operations across the continent, and is tasked with “driving sustainable growth, strengthening UMPG’s presence in key markets, and helping to shape a more connected, inclusive, and forward-looking music ecosystem…” (MBW)
Partner message: MBW’s Weekly Round-up is supported by BMI, the global leader in performing rights management, dedicated to supporting songwriters, composers and publishers and championing the value of music. Find out more about BMI here. Music Business Worldwide
