Bill Ackman’s Pershing Square Acquires Another 2.9% of Universal Music Group for $1.5 Billion

Geoff Mayfield With Universal Music Group on the brink of launching one of the biggest initial public offerings to date, it’s worth noting how much the music industry has changed — and hasn’t — since analysts placed the business on the critical list 20 years ago.By the mid-oughts, the music industry had lost half of its peak value, but the advent of streaming and a rising awareness of the value of intellectual property — not to mention the multi-billion dollar, albeit pandemic-hobbled touring

Jem Aswad Senior Music EditorIn a major overhaul of its Awards department that began in May with the elimination of the controversial “secret committees” that determined final Grammy nominations and continued with the departure of longtime awards chief Bill Freimuth last month, the Recording Academy has appointed Ruby Marchand to the position of chief awards & industry officer, with Joanna Chu elevated to vice president of awards.

Jem Aswad Senior Music EditorFighting the gender gap in the music industry is not a role that Mattel’s Barbie doll traditionally has taken on, but the company has used the iconic figure for exactly that purpose with its awesome Music-Producer doll, which it announced earlier this week.The company, which partnered with veteran songwriter-producer Ester Dean for the series, is making empowerment the primary theme for the doll too, saying it is “designed to introduce girls to an underrepresented

Jem Aswad Senior Music EditorThe estate of David Bowie and Warner Music Group have announced a global partnership that will bring the late artist’s vast recorded-music catalog from 1968 through 2016 under the Warner umbrella.The new deal sees Bowie’s albums from 2000 through 2016, which were originally released via Sony Music, joining his 1968-1999 catalog at Warner.

Jem Aswad Senior Music EditorRepublic Records today formally launched Imperial Music, a new independent music company led by former Astralwerks executive Glenn Mendlinger that soft-launched last year.According to the announcement, the New York-based label is a new division of Republic and signs, develops and markets emerging independent artists and creators, and partners with Ingrooves Music Group for distribution services.

Jem Aswad Senior Music EditorRecorded music revenues in the U.S. grew 27% in the first half of 2021 over 2020, according to the RIAA’s mid-year report.

Jem Aswad Senior Music EditorLive Nation has resumed its acquisition of a 51% controlling interest in Ocesa Entretenimiento, a leading promoter in Latin America and owner of Ticketmaster Mexico, for an aggregate purchase price of $8,835,000,000 in Mexican dollars, or approximately $444 million U.S.

EXCLUSIVE: USG Audio, the podcast division of Universal Studio Group, is ramping up its slate with two new series.

Jem Aswad Senior Music EditorSince the advent of streaming services, one of the major problems with DJ mixes has been ensuring that every musical element in those mixes is identified and paid for.Well, Apple Music has unveiled a new process — in cooperation with major and independent labels — whereby it can properly identify and directly pay the rights holders whose music is used within a DJ mix, building on technology from Shazam, which it acquired several years ago.The program ostensibly will

Jem Aswad Senior Music EditorBMI has grown its revenue and distributions to record-setting levels in a fiscal year filled with unprecedented challenges due to the Covid-19 pandemic.

Jem Aswad Senior Music EditorLana Del Rey has announced a new release date for “Blue Bannisters,” her second album of 2021, which was originally scheduled for July 4 but abruptly bumped days before its release.

Jem Aswad Senior Music EditorJust a couple of weeks after Drake cryptically revealed the release date of his new “Certified Lover Boy” album on ESPN’s flagship program “SportsCenter,” the network has announced that it will work with the superstar rapper throughout the entire NFL season to curate music for select Monday Night Football games.According to the announcement, ESPN has collaborated with Drake to choose music that “encapsulates both the energy and mood” of the games.

Jem Aswad Senior Music EditorThe U.K. regulator Competition and Markets Authority has raised concerns around Sony Music’s purchase of Kobalt’s recorded-music services division AWAL, after the first phase of its investigation into the acquisition.The investigation found that the distribution of recorded music in the U.K.

Jem Aswad Senior Music EditorRising indie quartet Big Thief have surprise-released a new song called “Certainty” that was written and recorded directly to 4-track during a three-day power outage. The recorder was plugged into a cigarette lighter, according to the announcement.Guitarist Buck Meek explained the complicated jerry-rigged recording process.

Jem Aswad Senior Music EditorWhen YouTube Music launched its Premium service — then called YouTube Key, if memory serves — back in 2014, people wondered why anyone would pay for what they can get for free, albeit with advertising.

Jem Aswad Senior Music EditorIf you’d like to see what a challenge it was to stage an elaborate Super Bowl Halftime Show during a pandemic, look no further than the forthcoming Showtime documentary on the Weeknd’s dazzling performance during the 2021 game.The brief clip below shows just how much planning went into the performance, which was seen by an estimated 100 million viewers worldwide.Variety wrote in its review of the performance, “The Super Bowl Halftime show is the biggest stage on

Jem Aswad Senior Music EditorThe Bonnaroo Music Festival, scheduled to begin on Thursday, has been canceled, organizers announced on Tuesday afternoon. The reason given was not Covid-related, but rather due to heavy rains from Hurricane Ida soaking the festival’s grounds.More to come… We are absolutely heartbroken to announce that we must cancel Bonnaroo.

Jem Aswad Senior Music EditorRCA Records has announced the appointment of Carolyn Williams to the newly created role of executive vice president. According to the announcement, she will work with RCA’s executive team to oversee the company’s artist and label brand-management and marketing operations.

Jem Aswad Senior Music EditorRemember those new Abba songs and “virtual tour” that were supposedly on the way three and a half years ago? First it was two new songs, then six new songs, for a “Virtual Abba” experience in collaboration with “American Idol” creator Simon Fuller? Well, finally something is on the way, judging by a vague social media post from the group that appeared in the wee hours of Thursday.Join us at https://t.co/AAFQLIrqJu #ABBAVoyage pic.twitter.com/7LYw3kojzB— ABBA Voyage