Universal Music Hits the Amsterdam Stock Exchange
Lady Gaga’s label, until now a juicy subsidiary of Vincent Bollore’s Vivendi group, was valued at 44 billion euros in its first hours on the market.
The world’s largest music industry major Universal Music Group (UMG) made a smashing entry on its first day of trading on the Amsterdam Stock Exchange on Tuesday, sending the company’s valuation soaring to over $ 44 billion euros.
The French billionaire Vincent Bollore took control of Universal via Vivendi in 2014. Universal is managed from Santa Monica, at the gates of Los Angeles in the United States, and has weathered the MP3 and music piracy crisis to reinventing by earning billions of dollars in streaming revenue.
From Bob Dylan to Justin Bieber
Universal owns the famous Abbey Road studios, which housed the Beatles and Lady Gaga, as well as Kanye West and Amy Winehouse, of EMI Records (Justin Bieber, Keith Richards, Metallica) and Capitol Records (Katy Perry, Paul McCartney). The entire Bob Dylan catalog joined Universal last year.
Judging the opportune moment, Vincent Bolloré had decided to float Universal on the stock market this year and to distribute 60% of the shares to the existing shareholders of Vivendi, including himself, who carried out a great transaction on Tuesday.