iWorld
RED FM presents ‘Dugga Dugga – The Sound of Sharodiya’ live in Kolkata!
Mumbai: 93.5 RED FM, India’s leading private radio and entertainment network announced the third edition of ‘Dugga Dugga – Sounds of Sharodiya’ to celebrate the festive fervor and experience the magic of Durga Puja like never before. The festival will take place on 15 October at the Dhanadhanya Auditorium in Kolkata.
As the Mahalaya ushers in the autumnal season, Red FM, after two successful virtual editions is bringing the festival to the ground. From an extensive lineup of musical prowesses like Kaushiki Chakraborty, Sourendra-Soumyojit, and Somlata Acharya to the dancing stars Tanushhree Shankar & Troupe, all will be hosted by the charismatic wordsmith, Sujoy Prasad Chatterjee. The festival will also have immersive experiences with distinguished artists from Kumortuli who will captivate the art of ‘chokku daan.’
Reflecting on this announcement, RED FM, and Magic FM director & COO Nisha Narayanan stated “Embracing culture is at the core of our brand’s beliefs. Since radio is an enabler of local cultures and festivals, it gives us the edge above the rest to continue working towards our fundamental convictions. By doing so, we not only honor tradition but also unite communities in shared celebrations. We began hosting Dugga Dugga to showcase the unparalleled religious and cultural experience of the festival. The event offers a nuanced escapade with several cultural elements like music, and dance as well as art exhibitions providing an intriguing visual delight. Among various other musical IPs of Red Live, ‘Dugga Dugga’ centers’ music tradition in its original form and yet presents it with a twist for our audience, this year, on the ground.”
Stay tuned for more updates as we count down the days to the grand celebration of “Dugga Dugga – The Sound of Sharodiya.” Kolkata, get ready to be swept away by the magic!
Dugga Dugga – The Sound of Sharodiya
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.
