Universal Music Sells Half of Spotify Stake and Expands Buyback Program
Universal Music Group (UMG) announced plans to sell half of its Spotify stake and expand its buyback authorization to €1 billion. The company reported flat revenue of €2.9 billion for the first quarter, with constant currency growth of 8.1%. UMG's actions follow an unsolicited takeover bid from activist investor Bill Ackman.
Tickers: $SPOT
Topics: activist investor corporate strategy Spotify stake sale stock buybacks UMG financial results