Finance
Pershing Square Acquires 7.1% of Universal Music Group at Bargain Valuation
Pershing Square Holdings fulfilled its plans on Tuesday (Aug. 10) to acquire a stake in Universal Music Group ahead of Vivendi’s spin off on Sept. 21. The high-profile hedge fund led by Bill Ackman paid about $21.78 per share and $2.8 billion in total for 7.1% of UMG’s equity. The deal values UMG at 33 billion euros ($38.7 billion). PSH and its affiliates have the right to acquire another 2.9% of UMG’s ordinary shares by Sept. 9. Tuesday’s announcement came three weeks after Pershing Square’s special purpose acquisition company (SPAC), Pershing Square Tontine Holdings, dropped its plans to buy a 10% stake in UMG in a complicated deal at a 35 billion euros ($41 billion) valuation. After PSTH investors lost interest, driving down the share price, and the Securities and Exchange Commission ob...
5 Things We Know About SA’s New Finance Minister
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Leading Crypto Exchange Remitano Launches its Native Token – RENEC
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5 Things Warner Music Group’s Earnings Say About the Industry’s Future
“There are tens of thousands of tracks that are uploaded every day to streaming services around the world,” said Cooper. A label such as Warner, he said, helps artists “separate their music and their careers from literally all of this noise.” As for Warner’s finances, looking at trailing 12-month revenue, which removes the effect of any one quarter, Warner improved by 13.2%. Physical sales returned to normalcy, climbing from $51 million in a pandemic-stricken quarter a year earlier to $130 million; the quarter included Record Store Day on June 12, which led to record one-week vinyl sales in the U.S., according to MRC Data (next quarter’s earnings will benefit from the July 22 Record Store Day, the second-highest ever). Growth in streaming revenue was adequate at 22.5% for recorded mu...
More and More Women Are Moving to Online Trading
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3 Crucial Reasons Why Financial Services Need to Accelerate Digital
Image sourced from Planful. “Go digital or go dark” – Companies that fail to heed this advice, irrespective of sector, run a great risk in the age of technological revolution. Consumers prioritise convenience and will often not see the need to step out of their houses to use a service that could be achieved with a few taps on their phones. Add to that a pandemic that has led to even further restrictions and the need to embrace digital ways of doing business becomes clearer. Historically, digital transformation has been a process that happens over the course of several years. COVID-19 has dramatically accelerated that timeline. Companies were forced to adapt in order to survive, with financial services having to evolve quicker than most. That’s because every business relies on payments and ...
New Guidelines for Mobile Money Operators Issued by CBN
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More than Half of Millennial & Gen Z Muslims Would Adopt Islamic Banking if it Were More Accessible
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Nigerian FinTech Kuda Bank Closes $55-Million Series B Funding Round
Image sourced from Tech Crunch. Kuda Bank, a Nigerian fintech startup has raised $55-million in a Series B funding round at a valuation of $500-million. Previously, the company announced it had raised $25-million during a round of Series A funding a little over four months ago. Co-leading this latest round of funding were existing investors Target Global and Valar Ventures – a firm co-founded and backed by PayPal co-founder, Peter Thiel. Joining them were SBI Investment and other previous participants. According to Kuda’s co-founder and CEO, Babs Ogundeyi, the startup aims to build a new take on banking services for “every African on the planet” – in service of these lofty goals, the startup is looking to use the funds raised during this latest round to build on its platform for Nigeria, a...
Reservoir Media Stock Stumbles on First Day of Trading
Roth CH Acquisition II shares had a $10 IPO price and briefly exceeded $11 in February. Since then, investors have showed less enthusiasm and with few exceptions have traded below $10 since mid-May. Reservoir, which had revenue estimated at $64 million for its fiscal year ended March 31, is now the fourth publicly traded company that focuses on music rights acquisitions — Hipgnosis Songs Royalty Fund, Round Hill Music Royalty Fund and One Media iP Group are listed on the London Stock Exchange. It is the first to trade in the U.S. and the first led by a female, CEO and founder Golnar Khosrowshahi. “This entry into the public markets is a testament to the growth and bright future that lies ahead within the industry,” Khosrowshahi said in a statement Thursday. “As we focus on our growth...
Why the Central Bank of Nigeria is Cracking Down on Forex Sales
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Latest Mambu Research Reveals Gap in Global Financial Awareness and Accessibility
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