iWorld
HC refuses to stay CCI notice to WhatsApp against its new privacy policy
New Delhi: In a major setback for Facebook-owned WhatsApp, the Delhi high court on Wednesday refused to stay the Competition Commission of India’s (CCI) notice to the US-based social media giant seeking information for a probe into its controversial new privacy policy.
The vacation bench said an application seeking stay of further steps in the investigation already stands filed in which notice was issued to the Director General of CCI in which no interim relief was given by the division bench on 6 May and is listed for consideration on 9 July, adding that, “at this stage, it does not consider it appropriate to stay the operation of impugned notice dated 4 June at this stage.”
CCI had launched an investigation into WhatsApp’s new privacy policy on 24 March, amid the raging debate over users’ privacy on social media platforms. The antitrust body had taken a prima facie view that the messaging app’s new policy is in contravention of India’s Competition Act.
On the other hand, the two social media platforms had contended that when the top court was looking into the privacy policy, then CCI ought not to have intervened in the issue. WhatsApp had also told the court that private conversations continued to be protected by end-to-end encryption and WhatsApp cannot read what people message each other.
The US company had sought a stay on the CCI’s 4 June notice seeking information into the privacy policy and urged the court to issue directions to authorities concerned not to take any coercive action against the messaging application till the next date of hearing. Facebook and WhatsApp had also filed a fresh plea against a single judge order issued on 22 April dismissing their pleas against the probe CCI ordered into the instant messaging app’s new privacy policy.
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.
