Some weekend thoughts on Universal Music

The author revisits their notes on Universal Music Group (UMG) due to several recent events. The share price has dipped below 20€, a level at which major shareholder Bolloré has previously bought shares. Pershing Square, another significant investor, has been selling shares while also praising the company. A new investor, Independent Franchise Partners LLP, has acquired a stake of over 3%. The author provides a detailed analysis of the current shareholders and their respective stakes, highlighting the complex relationships between Bolloré, Tencent, and other key players. The author also notes the upcoming financial results from Vivendi, UMG, and Bolloré, which will provide more clarity on the situation.