Universal Music to Sell Half Spotify Stake

UMG will sell half its Spotify stake, cutting its ownership by 50%.
The company will raise its share buyback to €1 billion, adding a €500 million tranche after completing the March €500 million program.
Q1 subscription revenue grew 12.5% to €1.3 billion, beating 10.1% estimates; total revenue rose 8.1% to €2.9 billion.
Pershing Square, owning >4.5% of UMG, values label at $65 billion and proposes selling Spotify stake to raise €1.5 billion, urging a U.S. listing.