iWorld
Netflix & Dreamworks Animation expand global deal excluding China
MUMBAI: Netflix, Inc. and DreamWorks Animation have expanded their current multi-year deal, making Netflix the global home, outside of China, to a number of new original series for the whole family from the studio. The deal also covers streaming rights to the DreamWorks Animation feature film library.
In addition, the deal extends the rights of current original series for kids from the studio available on the service throughout operating Netflix markets as well as expanding to include second window rights for the series everywhere around the world, outside of China. Series include The Adventures of Puss in Boots, Dinotrux, Dragons: Race to the Edge, among others.
Starting in 2016, Netflix will launch several new series from DWA, including a reimagining of Voltron, and the new series, Trollhunters, from master storyteller Guillermo del Toro, who will unleash a new, fantastical world wrapped around two best friends who make a startling discovery beneath their hometown.
Over the term of the new agreement, a number of new original series will be developed and produced by DreamWorks Animation for Netflix, based not only on recent and upcoming feature films from the studio, but also on other classic IP.
“DreamWorks Animation is synonymous with great storytelling that families around the world enjoy. It’s with great pleasure that we expand on an already successful relationship with DreamWorks Animation to bring more premium kids and family television to Netflix members globally,” said Netflix vice president of original series Cindy Holland.
“This agreement adds to the incredible foundation we’ve built together with Netflix over a number of years across both film and television. We are proud to work closely with Netflix to continue delivering high-quality programming to audiences around the world,” added DreamWorks Animation president Ann Daly.
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.
