Home Breaking News Favorite Tune Team shares soar in market debut

Favorite Tune Team shares soar in market debut

Favorite Tune Team shares soar in market debut

Lady Gaga performs during the Pepsi Zero Sugar Colossal Bowl 51 Halftime Show camouflage at NRG Stadium on February 5, 2017 in Houston, Texas.

Tom Pennington | Getty Photos Sport | Getty Photos

Early Newspaper

Favorite Tune Team shares surged in its stock market debut Tuesday, in Europe’s largest listing of the year so a ways.

The corporate behind platinum-selling artists including Lady Gaga and Taylor Swift traded correct above 25 euros ($29.32) per section Tuesday morning, extra than 35% above the reference designate of 18.5 euros per section.

It affords UMG, which listed on the Euronext Amsterdam stock replace, a valuation of over 45 billion euros.

In June, French media community Vivendi obtained the backing of shareholders for its proposed spin-off of UMG, which is really apt its crown jewel. 60% of UMG’s shares will go to Vivendi shareholders — with controlling shareholder Vincent Bollore receiving a stake worth around 5.9 billion euros.

UMG accounts for around three-quarters of Vivendi’s income, which has prompted questions on the company’s future strategy, given this might perhaps perhaps well perhaps greatest contain a 10% stake in UMG after the listing. A additional 20% is owned by Chinese giant Tencent, with 10% owned by billionaire William Ackman’s hedge fund Pershing Sq..

UMG is the ideal song company in the world, and dominates the song industry as allotment of the “Unprecedented Three” advise labels, alongside Warner Tune Team and Sony Tune. It owns and runs businesses in extra than 60 nations, and is behind other family names in song including Ariana Grande and Queen. Its serve catalog also includes iconic artists esteem Bob Dylan and the Beatles, which had been main enchantment points for investors.

The corporate has focused its strategy on the increase in song streaming, which it expects to increase royalty income and income for a while to come serve.

Favorite Tune Team shares soar in market debut