iWorld
Live coverage of Australian Open 2018: #LIVtheGrandSlam
MUMBAI: SonyLIV, the premium OTT platform of Sony Pictures Networks India (SPN), is all set to stream the Australian Open 2018. Also, known as the ‘Fans Slam’, the Australian Open is chronologically the first of the four Grand Slam Tennis events of the year. It will play out on SonyLIV from 15-28 January 2018.
The 106th edition of the tournament will see Roger Federer defend his title, after his memorable five-set win over Rafael Nadal last year. Crowd favourite, Novak Djokovic, will also be looking to leave behind an injury-plagued 2017, as he takes the field in a competition he has won 6 times.
With the Women Singles defending champion, Serena Williams, opting out as she regains fitness following the birth of her daughter in September, we are set to witness a new champion in this category. The Women Singles event will feature a clinquant array of well-known names and rising stars of tennis, including Simona Halep (No. 1 seed), Caroline Wozniacki (No. 2 seed) and Venus Williams (No. 5 seed).
SonyLIV will also be exclusively streaming coverage of an additional court along with the regular matches. The matches will also be available as video on-demand (VOD) so that fans can follow the action at their own convenience. SonyLIV has established itself as the go-to destination for sports in the country being home to the widest range of sporting properties across sports like cricket, football, tennis, WWE, basketball and more. Australian Open 2018 on SonyLIV is presented by Johnnie Walker, powered by HP and Volkswagen is an associate sponsor. The tournament will also be telecasted live on SONY SIX, SONY SIX HD, SONY TEN 2 and SONY TEN 2 HD channels.
iWorld
Bill Ackman’s Pershing Square makes $64 billion bid to acquire Universal Music Group
Ackman pitches NYSE relisting plan as UMG board weighs unsolicited offer
The hedge fund has proposed a business combination that values UMG at €30.40 per share, representing a hefty 78 per cent premium to its current trading price. The offer includes €9.4 billion in cash alongside stock in a newly formed entity, with shareholders set to receive €5.05 per share in cash and 0.77 shares in the new company for each UMG share they hold.
Under the proposal, UMG would merge with Pershing Square SPARC Holdings Ltd and re-emerge as a Nevada-based entity listed on the New York Stock Exchange. The move is designed to boost investor visibility and potentially secure inclusion in major indices such as the S&P 500.
Pershing Square Capital Management ceo Bill Ackman argued that while UMG’s operational performance remains strong, its market valuation has lagged due to external factors. “UMG’s stock price has languished due to a combination of issues that are unrelated to the performance of its music business,” Ackman said, pointing to concerns ranging from shareholder overhang to delayed US listing plans.
Ackman also flagged what he sees as untapped potential in UMG’s balance sheet and a lack of clear capital allocation strategy. He added that the market has not fully recognised the value of UMG’s €2.7 billion stake in Spotify, alongside gaps in investor communication.
The proposed transaction would also result in the cancellation of around 17 per cent of UMG’s outstanding shares, while maintaining its investment-grade balance sheet. Pershing Square has said it will fully backstop the equity financing, with debt commitments secured at signing. The deal is targeted for completion by the end of the year.
UMG, however, has struck a measured tone. The company confirmed that its board has received the non-binding proposal and will review it with advisers. It reiterated confidence in its current strategy and leadership under Lucian Grainge, signalling no immediate shift in stance.
The proposal comes at a time when global music companies are navigating evolving investor expectations, streaming economics and capital allocation pressures. For Pershing Square, the bet is clear: sharpen the financial story, relist in the US, and let the music play louder in the markets.
Whether UMG’s board is ready to change the tune remains to be seen, but the spotlight on its valuation just got a lot brighter.
