UMG places US itemizing plans on maintain
Common Music Group has put its plans for a secondary itemizing on a US inventory trade on maintain, citing turbulent market situations.
The world’s largest music firm confirmed the choice as a part of its This fall and full-year 2025 earnings announcement, printed immediately (March 5).
“With the uncertainty available in the market making a significant dislocation in UMG’s valuation, the Firm’s Board of Administrators has determined that it’s not the best time to maneuver forward with a US itemizing,” UMG mentioned in an announcement. “Ought to that change, the Firm will present an replace.”
The information comes simply months after its most distinguished backer publicly made the case for one.
In March 2025, Invoice Ackman — founder and CEO of Pershing Sq. Capital Administration, which first acquired roughly 10% of UMG in 2021 — used his agency’s annual report letter to argue {that a} US itemizing would unlock demand from institutional buyers unable to buy non-US listed corporations, enhance analyst protection, and doubtlessly safe inclusion in main US indices.
In July, UMG appeared to take a major step ahead, confidentially submitting a draft Type F-1 registration assertion to the US Securities and Alternate Fee for a proposed public providing of the corporate’s atypical shares — a transfer that got here at Pershing Sq.’s request.
As a part of the method, Pershing dedicated to promoting not less than $500 million value of its UMG holdings.
In January 2025, the agency distributed 47 million shares — a 2.6% stake — to co-investors, earlier than offloading an extra 2.7% stake in March for proceeds of round $1.4 billion.
Ackman subsequently resigned from UMG’s board in Might, citing “new government and board obligations arising from his latest investments.”
UMG’s full-year 2025 outcomes reveal that US itemizing preparation prices and sure M&A advisory prices totalled €45 million throughout the 12 months, together with €17 million in This fall alone.
UMG has traded on the Euronext Amsterdam trade — underneath the ticker UMG — since September 2021, following its spin-off from French media conglomerate Vivendi. Any US itemizing would have been secondary to that present presence.
The choice to face down comes regardless of UMG reporting robust outcomes immediately. The group generated revenues of €3.605 billion ($4.19bn) in This fall 2025, up 10.6% year-over-year at fixed forex, whereas full-year revenues reached €12.507 billion — up 8.7% at fixed forex.
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