Universal Music Group to Launch New €250 Million Share Buyback Program
This will complete its total authorized €1 billion buyback
Universal Music Group (UMG) has announced it will buy back another €250 million ($288 million) of its shares. That comes out to around 25 million shares, with the major label expected to complete the repurchase by September 10.
Background:
UMG introduced its first-ever buyback authorization in April for €500 million.
The major label then doubled that amount to €1 billion in May.
By July, UMG had repurchased 26,707,529 of its shares for €499.2 million.
Another €250 million was spent buying back shares from Bill Ackman's Pershing Square around the time Pershing Square made a bid to purchase UMG.
Now UMG will go ahead and buy back the final €250 million.
The details:
A single broker will oversee the repurchases across several markets, including the Euronext Amsterdam Stock Exchange, Turquoise Europe, Aquis Exchange Europe and CBOE Europe Limited.
👋 Disclosures & Transparency Block
This article was written with information sourced from Music Business Worldwide.
We covered it because UMG is one of the three major labels.
