iWorld
Justice served cold as Goquest and Sachin Pandey crack open true crime
MUMBAI: True crime is getting its day in court and this time, the verdict is global. Goquest Media has teamed up with producer Sachin Pandey to co-create and jointly own Insaaf Files – Bharat Ka Fightback, a new true-crime series that blends real-world justice with a multi-platform, international ambition.
The partnership marks Goquest Media’s third original production, following the overseas success of its Turkish drama Kuma (The Other Wife) and its follow-up Arafta. Having sold Kuma across more than 20 territories and Arafta in over seven international markets, Goquest is now adapting the same ownership-led, make-to-sell model for original Indian storytelling.
Under the agreement, Goquest Media and Pandey will jointly own the intellectual property of Insaaf Files, positioning the series as a long-term asset rather than a one-season play. The show will be commissioned and distributed by Goquest through dual revenue streams B2B licensing to broadcasters and platforms worldwide, alongside direct-to-consumer monetisation on Youtube.
The collaboration builds on Pandey’s recent breakout success with Thukra Ke Mera Pyaar, which emerged as the most-watched and most-subscribed show on JioHotstar in 2024, cementing his reputation for audience-pulling narratives.
Announcing the partnership, Goquest Media founder and managing director Vivek Lath said the series reflects the company’s push to create globally scalable Indian originals. The co-ownership structure, he noted, allows both partners to develop content with international distribution in mind while sharing long-term value across markets.
Pandey described Insaaf Files – Bharat Ka Fightback as a story rooted in justice and everyday resilience, adding that the YouTube-first strategy, paired with traditional licensing, opens up fresh ways to reach audiences worldwide.
With true crime continuing to travel well across borders and platforms, Insaaf Files signals a shift in how Indian originals are being built not just to stream, but to last.
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.
