Universal Music puts US listing on hold, citing market uncertainty

By Leo Marchandon

March 5 – Universal Music Group, the world’s biggest music label, on Thursday put plans for a stock market listing in the United States on hold, citing market uncertainty.

UMG said market conditions had pushed its valuation to a level it considered to be lower than what it is worth. The company said it would provide an update should conditions change.

The decision walks back on an agreement with billionaire investor Bill Ackman’s Pershing Square, which had exercised its right to request a U.S. offering and had argued a New York listing would boost UMG’s share price and liquidity.

UMG reported full-year 2025 revenue of 12.5 billion euros ($14.5 billion), up 8.7% year-on-year at constant currency rates.

The group’s artists dominated global charts in 2025 for the third consecutive year, claiming 9 of the top 10 spots on the IFPI Global Artist Chart, led by Taylor Swift, KPop band Stray Kids, and Drake, while the KPop Demon Hunters soundtrack was among the year’s biggest sellers.

NEW STREAMING DEALS

UMG said that it had secured new “Streaming 2.0” agreements with Spotify and Alphabet’s YouTube in 2025, advancing on its strategy to boost revenue from dedicated “superfans” over casual listeners by emphasizing merchandise sales and premium subscription tiers.

Premium subscriptions’ revenue grew 5.6% to 4.88 billion euros, outpacing overall streaming revenue growth of 1.5%.

UMG’s adjusted earnings before interests, taxes, depreciation and amortization (EBITDA) rose 5.6% to 2.81 billion euros in 2025.

Net profit attributable to shareholders fell 26.5% to 1.53 billion euros. The company said the drop was driven by the revaluation of its stakes in companies including Spotify and Tencent Music. Stripping out those items, adjusted net profit rose 7.0% to 1.91 billion euros.

($1 = 0.8640 euros)

(Reporting by Leo Marchandon in Gdansk; Editing by Matt Scuffham)