Universal Music Group has provided more specific information today (January 29) regarding their movement towards an IPO, which was released as a statement by parent company Vivendi, which reads, “Following the success of this significant strategic transaction, a UMG listing is planned in early 2022 at the latest.”
This marks significant specification on the plans of the company, as it was previously only known that the IPO was set to occur at some point in 2022. Now the possibility even exists for it to come as early as this year. UMG’s transition to the stock market was preceded by that of Warner Music Group in June of 2020.
The transaction mentioned in the newly released statement refers to the recent acquisition of 10 percent ownership of UMG by the Chinese tech and entertainment company Tencent, which also holds a 7.5 percent stake in Spotify. Tencent had previously purchased 10 percent of UMG at the very beginning of last year, for a total of 20 percent ownership. The remaining 80 percent is still held by Vivendi.
UMG has also had an active year in the social sphere, with the establishment of its social justice task force and a $25 million “Change Fund.” The freshly formed “Task Force for Meaningful Change” includes over 30 UMB employees with the goal of implementing changes to “address equality, bias, equity and inclusion efforts.”
Leave a Comment