iWorld
Lomotif announces global talent search ‘Scouted By Lomo’
Delhi: Lomotif, the video-sharing platform, announced the worldwide talent search ‘Scouted By Lomo’ to mark the occasion of World Music Day (21 June). The talent hunt aims to offer a once-in-a-lifetime opportunity to all the artists around the world to become a global music sensation.
This competition will commence in July and see Lomotif join hands with Grammy Award-winning producer, singer, and lyricist Teddy Riley. Based on the votes won from Lomotif users, the global winner will receive an exclusive record label contract and producing commitment.
Lomotif co-founder & chief executive Paul Yang said, “An idea and an inspiration can arise from anywhere. Firm believers of this ideology, we take this thought forward and are all set to give budding musicians the opportunity of a lifetime through this talent hunt. And what better day to make the grand announcement than World Music Day.”
“We see so much promise amongst Indian artists today and curating such a talent hunt is a testament to our belief of them going toe-to-toe with their global counterparts,” Yang said while shedding more light on this global competition. “It’s great to see Grammy Award-winning producer Teddy Riley with us who shall encourage these singers on their path to glory so that they can be crowned the global winner and take home the coveted Record Label contract.”
Speaking about being part of the talent hunt, Riley said, “India is a culturally rich country, with an adept sense of rhythm unlike anywhere in the world. India’s passion and variety of musical styles make it exciting to see what these next artists have in store. I am confident that they will match up to the caliber of global artists making for a talent search/hunt that will be spoken about for a very long time.”
Spanning nine weeks, the competition will see contestants upload their audition clip to the official ‘Scouted by Lomo’ channel on the Lomotif app.
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.
