The logo of Universal Music Group (UMG) is seen at a building in Zurich, Switzerland July 20, 2021. REUTERS/Arnd Wiegmann
September 14, 2021
PARIS (Reuters) -Vivendi’s Universal Music Group, the world’s largest music company whose artists include Lady Gaga and the Rolling Stones, published its prospectus on Tuesday before a 33 billion euro ($39 billion) stock market flotation next week.
Universal’s listing, which will complete its separation from Vivendi, involves the distribution of 60% of its shares to Vivendi’s shareholders, including top investor Vincent Bollore.
Universal’s shares will start trading on Euronext’s Amsterdam stock exchange on Sept. 21, with a technical reference price for shares expected on Sept. 20, the music group said.
Universal is benefiting from a music industry rebound, underpinned by booming streaming revenues but also a recent surge in sales of vinyl records and CDs.
Universal, which competes with Sony Music and Warner Music Group as the biggest of the “big three” recording labels, represents stars such as Taylor Swift and Justin Bieber.
Universal has registered six consecutive years of sales growth, reporting 1.49 billion euros in core earnings in 2020 on 7.43 billion euros in sales.
($1 = 0.8464 euros)
(Reporting by Sudip Kar-Gupta, Sarah White and Marc Angrand; Editing by Louise Heavens and Edmund Blair)
Source: One America News Network
