iWorld
Pakistan government not keen to restore YouTube
NEW DELHI: In separate hearings in Lahore and Peshawar High Courts earlier this month, it became clear that the Pakistan government is not keen to restore the usage of YouTube in the country.
The Peshawar High Court was told on 1 August by Ministry of Information Technology and Telecom Additional Secretary Muhammad Ijaz Mian that it was in the interest of public to keep the video sharing website blocked.
He said an Inter-Ministerial Committee (IMC) had reviewed the matter on 8 February 2013 and found that the public stance was the same and the situation had not changed on blasphemous content. He added that since there was no technical solution at the hands of ministry to ensure 100 per cent blockage of controversial URLs, it was decided, keeping in view the security situation and the sentiments of public to continue with the decision of blocking YouTube.
In the Lahore High Court the same day, Minister of State for Telecom & IT Anusha Rehman Khan and the Secretary IT failed to appear. An additional secretary for the minister who appeared before the court said she could not come as she was busy in making IT policy for the country whereas the Secretary IT had an eye infection that did not allow him to attend the court.
Although the Court summoned both on 7 August, it was observed during the hearing that the government has not been able to resolve the issue of blasphemous content since September 2012, the month YouTube was blocked by the then PM Pervaiz Ashraf.
The High Court said an intelligent solution and regulation was required from the government.
Peshawar High Court was told that the Ministry had issued directives to Pakistan Telecommunication Authority (PTA) for finding a state of the art technological solution to overcome the problem but the authority has not responded positively on the issue.
The Ministry representative told the Court that it had contacted google administration to remove the content from its server which the search engine giant refused on grounds that it worked under the laws of the United States and existing law in Pakistan did not force it to fulfill the demands of the Pakistan government.
Google has already told the ministry to pass intermediary legal protection legislation in the country. A worldwide phenomenon, which will make the search engine comply by the local rules and regulations.
On the other hand, Lahore High Court has stated that it is not a solution to block the entire website which also has very valuable information for general public. There should be an intelligent solution to deal with the menace of anti-social and blasphemous content instead of blocking the entire website.
The court clearly stated that information flow cannot be controlled in this way and there should be self-regulation in every house as well. A worst action would be to block the whole internet in the country that will also severe links to the outside world.
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.
