iWorld
Jio brings Rs 309 all-unlimited plan, new Prime sops
MUMBAI: Reliance Jio Infocomm announced that the Jio Summer Surprise has been fully withdrawn, following the advice of Telecom Regulatory authority of India (“TRAI”).
Jio further announced new all-unlimited plans with special benefits, exclusively for its Jio Prime members and aimed at encouraging Jio subscribers to live the Digital Life without restrictions – Jio Dhan Dhana Dhan!
The plans start with the most affordable Rs. 309 which provides Unlimited SMS, calling and data (1GB per day at 4G speed) for three months on first recharge.
The company also announced the Rs. 509 unlimited plan for daily high data users offering Unlimited SMS, calling and data (2GB per day at 4G speed) for three months on first recharge.
Considering the special benefits that are available to Jio Prime members, customers who were unable to subscribe to Jio Prime for any reason, can continue to do so by paying Rs. 408 or Rs. 608 (Jio Prime + recharge price) to avail these benefits.
These plans will be available starting on 12 April, 2017. Existing Jio customers who have not done their first recharge so far, need to do so by 15 April 2017 to avoid degradation and/or discontinuation of services.
Jio is currently implementing the world’s largest migration from free to paid services in such a short period of time. In order to smoothen the migration from free to paid services, Jio has implemented simple, affordable and regulatory compliant plans in customer interest. Jio looks forward to customers making full use of this opportunity to avail the most attractive tariff plans in the industry, which are unparalleled globally.
With this, Jio extends the benefits of a superior and advanced technology to take India to global digital leadership. Jio’s unmatched data strong network is capable of meeting the burgeoning data requirements of hundreds of millions of Indians. The announcement also marks another step in Jio’s commitment to continuously delight its customers and enable them to live a fully digital life. Jio is thankful to the millions of customers who have taken up Jio services.
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.
