Universal Music Group's shares jump in stock market debut

nypost.com
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The world's biggest record label, which represents musicians like Lady Gaga, Taylor Swift and Billie Eilish, traded around $29.32 a share Tuesday morning.
Shares of Universal Music Group soared more than 35 percent in the company's stock market debut in Europe's largest listing of the year to date.

The world's biggest record label, which represents musicians like Lady Gaga, Taylor Swift and Billie Eilish, traded around $29.32 a share Tuesday morning, which was more than 35 percent above the reference price of $21.70 per share. It closed out the day at $25.10.

The rally gives Universal, which listed on the Euronext Amsterdam stock exchange, a valuation of nearly $55 billion.

In June, the company's parent, French media group Vivendi, won the backing of shareholders to spin off Universal, which is considered its crown jewel. As a result, 60 percent of Universal's shares will go to Vivendi shareholders— with Vivendi boss and controlling shareholder Vincent Bolloré nabbing a stake worth roughly $6.9 billion.

Taylor Swift, one of Universal Music Group's top artists, performing at the American Music Awards in 2019. Kevin Winter/Getty Images

Other big winners from the Amsterdam listing include hedge fund billionaire Bill Ackman, whose fund Pershing Square owns a 10 percent stake, and China's Tencent, which owns a 20 percent stake in Universal.

Universal chairman and CEO Lucian Grainge will also get bonuses linked to the listing that, according to Reuters, could add up to as much as $400…
Alexandra Steigrad
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