Universal Music Group announces suspension of services within Russia due to the Ukrainian war
Universal Music Group takes action to suspend all ongoing services within Russia due to its invasion of Ukraine
To cancel all ongoing services within Russia due to its attack on Ukraine.
The country announced its intentions in a statement that read. From now on, we will stop all activities in Russia and close our offices there. We call for an end to the violence in Ukraine as soon as possible. ”
“We are holding on to international targets . Together with our staff and artists, have been working with teams from many countries. Including US, UK, Poland, Slovakia, Germany, Czech Republic and Hungary to support humanitarian efforts in the region.”
Sources close to Variety have however announced that the company’s employees within Russia will still receive their undisclosed wages.
The move is similar to that of McDonald. Who has temporarily closed 850 places in the country, but still continues to pay his employees.
On November 19, 2018, singer-songwriter Taylor Swift signed a new multi-album contract with UMG. In the United States, which he will release in the future to be promoted under Republic Records. In addition to the promised ownership of his major recordings. UMG acknowledged that, in the event that it sells its Spotify components. It will allocate revenue to its artists and make them non-refundable.
In December 2018, the Queen’s song “Bohemian Rhapsody”. It became the most widely distributed song from the pre-broadcast era and the most widely distributed rock song ever. In February 2019, UMG fully acquired the music distributor INGrooves.
In June, YouTube and UMG announced that they were developing. More than 1,000 popular music videos for high-profile, release in 2020.
In August 2019, Tencent and Vivendi began negotiations to sell 10% of Vivendi’s Universal Music stake to Tencent. The deal is expected to be $ 3.36 billion.
In February 2020, Vivendi announced his plans to go public with the IPO within three years.
The company and the Lego Group announced a music production partnership on April 26, 2020.
Universal relaunched Virgin EMI Records
On June 16, 2020, Universal relaunched Virgin EMI Records as EMI Records and named Rebecca Allen. Former president of UMG’s Decca) as the president of the label. Restoring the EMI genre. On the same day, UMG announced the launch of its new structures in Morocco and Israel.
In July 2020, UMG signed a new multi-year license agreement with Spotify.
In June 2021, Pershing Square Tontine Holdings, a privately owned company owned by investor Bill Ackman. Announced that it would buy 10 percent of UMG before it went public, with $ 4 billion in trading. That Ackman’s Pershing Square Holdings would instead complete the purchase.
In September 2021, IPO, Euronext Amsterdam announced a presentation price of € 18.50 [specification required] and Vivendi set UMG’s initial value of € 33 billion ($ 38.3 billion). Vivendi distributed 60% of its shares in UMG and retained 10%.
As the majority shareholder with 28% of the shares in UMG. With its company Bolloré (18%) and its subsidiary Vivendi (10%), led by his son Yannick Bolloré. Tencent has emerged as the majority shareholder of UMG with a 20% stake. Pershing Square Holdings holds 10% of UMG shares. At its IPO, UMG reaches a total of 54 billion euros. ($ 62.6 billion) more than a third of the original estimate.
In January 2022, UMG acquired the Icelandic record label Alda Music. Which owns about 80 percent of all music released in Iceland.