iWorld
Pocket FM’s Rohan Nayak to deliver keynote at Web Summit, Lisbon 2024
Mumbai: Pocket FM co-founder and CEO Rohan Nayak will deliver a keynote at the Web Summit in Lisbon, making him the only Indian leader from the entertainment sector and the sole Indian keynote speaker at the event. His session, titled ‘Profit Play: New Rules of Entertainment,’ will detail Pocket FM’s journey in creating and scaling a new category in entertainment with its innovative Audio Series format.
Founded in 2018, Pocket FM has grown rapidly since 2021, producing over 35,000 audio series and reaching an annual recurring revenue (ARR) of $200 million. Rohan will share how the company identified untapped market opportunities through 10 strategic pivots and discuss its approach to building and monetising a new entertainment category. His keynote will provide exclusive insights into the strategies that have helped Pocket FM become a major player in audio entertainment, highlighting the importance of innovation in shaping the future of digital storytelling.
This milestone for India’s entertainment and tech industry emphasizes the global demand for high-quality, digital content. Web Summit, one of the largest global tech conferences, will be held from 11–14 November 2024, at MEO Arena in Lisbon, Portugal. The event will feature over 800 speakers, including leaders like Jessica Sibley (CEO, Time), Mark Read (CEO, WPP), Josh Silverman (CEO, Etsy), Kuo Zhang (President, Alibaba.com), Richard Teng (CEO, Binance), and Pharrell Williams (13-time Grammy Award winner).
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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.
