iWorld
Nokia MixRadio broadens the horizon for music lovers in India
MUMBAI: Nokia MixRadio, the popular global music streaming service today announced its collaboration with talented musician and popular artiste, Ustad Rahat Fateh Ali Khan. Ustad Khan joins a long list of celebrated artistes such as Lady Gaga and India’s very own Priyanka Chopra to collaborate with the popular music app – Nokia MixRadio.
Ustad Rahat Fateh Ali Khan will also be exclusively curating playlists for Nokia MixRadio giving music lovers across 31 countries exclusive access and insight to the singer’s renditions and musical tastes. This service will be available across popular ranges such as the Nokia Lumia and the Nokia X family.
Mr. Viral Oza, Director Marketing, Nokia India Sales, a subsidiary of Microsoft Mobile Oy says, “As Nokia MixRadio expands into the emerging market of digital global music streaming in developing markets, it is slated to see an upswing of growth resulting in one in every fifteen users coming from India. To cater to this rising user demographic we are slated to position Nokia MixRadio as the ultimate gateway to not only offer diversely curated domestic music but also the best of international music. Through our collaboration with an iconic artiste like Ustad Rahat Fateh Ali Khan we look to give our consumers across different platforms the best music experience at their fingertips”
Speaking ahead of the occasion, Ustad Rahat Fateh Ali Khan said, “It is great to experience what Mix Radio is all about and being part of such a project is overwhelming. I want my album “Back 2 Love” to reach out to the masses and global audience. Mix Radio is surely the best way forward for this. The producer of this album, Salman Ahmed and MD of UMI, Devraj Sanyal both have been instrumental in making this happen. There are two amazing videos as well which I am sure will be loved by all my music lovers”.
Devraj Sanyal, Managing Director, Universal Music/EMI Music, South Asia said; “The long awaited new album ‘Back 2 Love’ from the legend Ustad Rahat Fateh Ali Khan is a collection of ten stunning new soulful songs and is easily his best work to date. Being his first new album in seven years, it needed a launch platform that will do justice on a global scale and we believe that there is no better place than to launch on MixRadio.”
“Nokia has been and continues to be one of our most valued partners. After just launching Priyanka Chopra’s new International single globally on MixRadio, we are now ready to take our partnership with MixRadio further with the launch of Ustad Rahat Fateh Ali Khan’s new album ‘Back 2 Love’ to a worldwide audience”, concluded Sanyal.
MixRadio is also equipped with a unique PlayMe feature allowing users to discover 30 million tracks and at the touch of a button, taking playlists offline. When data connection is not available, the feature offers users the opportunity to enjoy music anytime anywhere, by taking hours of music and mixes offline, perfect for commuting and avoiding data costs.
As digital revenues show an increase of 43% in 2013 globally and are set to top $5.9 billion in 2014, MixRadio will deliver its personalized, unique listening experience, allowing listeners across the globe to access the most popular playlists created by musical experts and celebrities that are free of adverts, sign ups or subscriptions.
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.
