Universal Music Sells Half Its Spotify Stake to Fund Share Buyback
Universal Music Group (UMG) is selling half of its stake in Spotify to fund a doubled share buyback program. The sale comes as UMG reported flat first-quarter revenue of €2.9 billion, with a weak U.S. dollar offsetting 8.1% constant-currency growth. The move signals a strategic shift in UMG's investment portfolio and capital allocation.
Key facts
- UMG is selling half its Spotify stake.
- The sale funds a doubled share buyback.
- First-quarter revenue held flat at €2.9 billion.
- A weak U.S. dollar offset 8.1% constant-currency growth.
- The decision reflects a strategic portfolio shift.
Entities
Institutions
- Universal Music Group
- Spotify
Sources
- Quartz —