iWorld
Harini Calamur, intellect behind LeEco’s content strategy in India
MUMBAI: After a successful run with Zee Media Corporation Limited as the head digital content for news, Harini Calamur is enthralled on joining LeEco as the head for original content.
LeEco has shown signs of aggression and has announced a slew of content initiatives and acquisitions in Asia over the past few months.
“It’s a fun place to be in. Content consumption patterns are moving to mobile phones now. It’s exciting to see the increasing demand for intriguing content from Indian viewers. Delivering gripping content to the viewers is pleasing”, says Calamur.
She is responsible for developing original content for LeEco’s OTT platforms in India across languages and genres. During her tenure with Zee, Calamur conceptualized, designed, and implement a digital news content strategy for all the news brands of the group –dna and Zee News and regional variants. She moved the entities from companion websites to digital products, with loyal audiences and advertisers and also launched the hyperlocal platform for the group, iamin.in, present in 36 locations across India.
The global internet and technology conglomerate LeEco is also called the Netflix of China for its content eco-system. The soon to launch platform plans to produce as well as commission content for its viewers in India. It has Atul Jain as the COO Smart Electronics Business in conjunction with Debashish Ghosh COO looking after the entire Indian content business and Divya Dixit as director of content marketing for India.
The company recently launched its flagship superphones, Le Max and Le1s, in the Indian market. As a partner, ErosNow will be integrated within the Le ecosystem of internet enabled smartphones and smart televisions, showcasing ErosNow’s Bollywood films, music and originals. Devices will include a one-year premium subscription to ErosNow service pre-bundled with the purchase of the phones. The launch of Le 2 Superphone by LeEco has stirred the pricing landscape in India and has given a new lease of vibrancy to the smartphone market in India.
LeEco has once again renewed its exclusive partnership with Flipkart. An agreement cementing this alliance was signed off between Atul Jain and Flipkart chief marketing officer Samardeep Subandh.
iWorld
Bill Ackman makes a $64bn bid for Universal Music Group
The hedge fund boss wants to list the world’s biggest record label in New York and thinks he knows exactly what ails it
NEW YORK: Bill Ackman wants to buy the world’s biggest record label. Pershing Square Capital Management, the hedge fund run by the billionaire investor, submitted a non-binding proposal on Tuesday to acquire all outstanding shares of Universal Music Group in a business combination transaction worth roughly $64.4 billion (around 55.8 billion euros).
Under the terms of the offer, UMG shareholders would receive 9.4 billion euros in cash, equivalent to 5.05 euros per share, plus 0.77 shares of a newly created company, dubbed New UMG, for each share held. Pershing Square values the total package at 30.40 euros per share, a 78 per cent premium to UMG’s closing price on April 2.
The deal would see UMG merge with Pershing Square SPARC Holdings, with the combined entity incorporating as a Nevada corporation and listing on the New York Stock Exchange. New UMG would publish financial statements under US GAAP and become eligible for S&P 500 index inclusion. Pershing Square says the transaction is expected to close by year-end, with all equity financing backstopped by Ackman’s firm and its affiliates, and all debt financing committed at signing. The transaction would cancel 17 per cent of UMG’s outstanding shares, leaving New UMG with 1.541 billion shares outstanding.
Ackman has a long history with UMG. Pershing Square first bought approximately 10 per cent of the company from Vivendi in the summer of 2021 for around $4 billion, around the time of UMG’s listing on the Euronext Amsterdam exchange. He has since trimmed that position, raising around $1.4 billion from the sale of a 2.7 per cent stake in March 2025, and resigned from UMG’s board in May 2025, citing new executive and board obligations arising from recent investments.
His diagnosis of UMG’s troubles is blunt. The company’s stock has fallen around 33 per cent over the past twelve months on the Euronext Amsterdam exchange, and Ackman lays out six reasons why. These include uncertainty around the Bolloré Group’s 18 per cent stake in the company, the postponement of UMG’s US listing, the underutilisation of UMG’s balance sheet, the absence of a publicly disclosed capital allocation plan and earnings algorithm, a failure to reflect UMG’s 2.7 billion euro stake in Spotify in its valuation, and what Ackman calls suboptimal shareholder investor relations, communications and engagement.
The Bolloré stake has long cast a shadow over the company. Cyrille Bolloré stepped down from UMG’s board in July 2025 as the Bolloré Group battled the French financial markets regulator over its stake in Vivendi, which holds a further capital interest in UMG. UMG had confidentially filed a draft registration statement with the US Securities and Exchange Commission in July 2025 for a proposed secondary listing in America, but put those plans on hold in March 2026, citing market conditions.
Ackman has kind words for UMG’s management, at least. “Since UMG’s listing, Lucian Grainge and the company’s management have done an excellent job nurturing and continuing to build a world-class artist roster and generating strong business performance,” he said. But he made his diagnosis plain: “UMG’s stock price has languished due to a combination of issues that are unrelated to the performance of its music business and importantly, all of them can be addressed with this transaction.”
In other words, Ackman believes UMG is a great business trapped inside a broken structure. If the board agrees, he intends to fix that, loudly and in New York.
