ENXTAM:UMGEntertainment
Universal Music Group (ENXTAM:UMG) Valuation After Expanded Buy-Back And Spotify Stake Sale
Buy-back expansion and Spotify stake sale put capital allocation in focus
Universal Music Group (ENXTAM:UMG) put capital decisions in the spotlight by doubling its share buy-back program to €1b and selling half its equity stake in Spotify after reporting flat first quarter revenue in reported terms.
The company highlighted 8.1% revenue growth in constant currency and indicated that part of the Spotify proceeds will be distributed to artists as non recoupable checks, while investors weighed...