Bill Ackman Wanted UMG. Then UMG Did Part of the Deal Itself
Bill Ackman's roughly $65 billion takeover proposal for Universal Music Group was formally rejected, with majority owner Vincent Bolloré arguing Ackman lacked fresh cash and relied on UMG's own assets. In the interim, UMG sold about half of its Spotify stake, generating roughly $1.4 billion, and expanded its share‑repurchase program, effectively executing part of Ackman's financial logic without ceding control. The sale triggers the Taylor Swift clause, obligating UMG to distribute proceeds to artists on a non‑recoupable basis. The episode raises questions about whether capital should fund buybacks or reinvest in creators and technology.
As Big Tech’s Power Demand Surges, Data Centers Bring Utilities a Huge New Profit Center
AI‑driven data‑center expansion is reshaping the U.S. power grid, turning utilities into a lucrative new profit center. In Nevada, data‑center load now accounts for roughly 22% of electricity generation and could hit 35% by 2030, prompting utilities like NV Energy...
Devon Energy: Stone Ridge Expresses Interest In The Marcellus Business (Rating Upgrade)
Devon Energy has completed its merger with Coterra, creating a larger, diversified oil and gas operator. Stone Ridge Asset Management has signaled interest in Devon’s Marcellus assets, reportedly putting forward an $8 billion opening offer. The combined company expects to lift...