iWorld
Netflix appoints Bozoma Saint John as new CMO
KOLKATA: Netflix has appointed ex-Apple and Uber exec Bozoma Saint John as its new chief marketing officer. Her two-decade long career spans across industries including music and entertainment, consumer packaged goods, fashion, sports and automotive. She will start at the company this August, will report to chief content officer Ted Sarandos.
Prior to this, she served as CMO in Endeavor since 2018. She is replacing Jackie Lee-Joe who is leaving the company for personal reasons who has been in Australia with her family since the start of the pandemic. Saint John is the third executive to take on the role in less than a year.
“I’m thrilled to join Netflix, especially at a time when storytelling is critical to our global, societal well-being,” Saint John said in a statement as per media reports. “I feel honoured to contribute my experience to an already dynamic legacy, and to continue driving engagement in the future,” she added.
Saint John worked as a chief brand officer at Uber and also worked as head of consumer marketing for Apple Music and iTunes.She was also associated with Pepsi-Cola North America’s head of music and entertainment marketing.
“Bozoma Saint John is an exceptional marketer who understands how to drive conversations around popular culture better than almost anyone,” Sarandos said. “As we bring more great stories to our members around the world, she’ll define and lead our next exciting phase of creativity and connection with consumers,” he added.
iWorld
Universal Music to sell half its Spotify stake, expand buyback plan
Ackman pressure mounts as label posts €2.9bn revenue and strong subscription growth
HILVERSUM: Universal Music Group has unveiled plans to sell half of its stake in Spotify and double its share buyback programme to €1 billion, signalling a sharper capital strategy as investor scrutiny intensifies.
The company said it will launch an additional €500 million buyback after completing the €500 million programme announced in March, taking the total authorisation to €1 billion. Proceeds from the Spotify stake sale will help fund the buyback and will also be shared with artists, in line with long-standing commitments.
The move comes amid pressure from billionaire investor Bill Ackman, whose firm Pershing Square Capital Management holds over 4.5 per cent of UMG. Ackman recently made an unsolicited offer valuing the company at around $64 billion to $65 billion and has argued that the label’s shares are undervalued.
As part of his proposal, Ackman suggested selling the entire Spotify stake to raise €1.5 billion after taxes and artist payouts, while also pushing for a US listing and changes to the company’s financial reporting structure. UMG’s board has instead opted to move independently, approving a partial stake sale on its own terms.
The decision also aligns with what is informally known as the “Taylor Swift clause”, a commitment made when Taylor Swift re-signed with the label in 2018, ensuring that any proceeds from Spotify stake sales are shared with artists on a non-recoupable basis.
With investor pressure building and strategic levers now in motion, UMG appears to be striking a careful balance between rewarding shareholders and reinforcing its long-term growth play in the streaming era.
