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Sandhya Devanathan joins Meta India as head and VP
Mumbai: Meta announced the appointment of Sandhya Devanathan as the vice president and head of Meta India. Devanathan will begin her new position on 1 January 2023. She will report directly to Meta APAC vice president Dan Neary.
Devanathan will transition to her new role on January 1, 2023 and will report to Dan Neary, Vice President, Meta APAC, and be a part of the APAC leadership team. She will return to India to oversee the India organisation and strategy, as per company statement.
With over 22 years of experience in banking, payments, and technology, Devanathan will focus on aligning the organisation’s business and revenue priorities in order to better serve its partners and clients, while also supporting Meta’s long-term growth and commitment to India. In her current role, she will spearhead the company’s India charter and strengthen strategic relationships with the country’s leading brands, creators, advertisers, and partners in order to drive Meta’s revenue growth in key channels in India.
In 2016, Meta appointed Devanathan to lead the growth of its Singapore and Vietnam businesses and teams, as well as its Southeast Asian e-commerce initiatives.
In 2020, she was promoted to lead gaming for APAC, one of Meta’s largest verticals globally. She also has a strong interest in developing female business leaders and is the executive sponsor for women in APAC at Meta, as well as the global lead for Play Forward, a global Meta initiative to improve diversity representation in the gaming industry. She is also a member of Pepper Financial Services’ global board of directors.
As per media reports, Meta chief business officer Marne Levine said on this new appointment, “India is at the forefront of digital adoption, and Meta has launched many of our top products, such as reels and business messaging, in India first. We are proud to have recently launched JioMart on WhatsApp, which is our first end-to-end shopping experience in India. I’m pleased to welcome Devanathan as our new leader for India. Devanathan has a proven track record of scaling businesses, building exceptional and inclusive teams, driving product innovation, and building strong partnerships. We are thrilled to have her lead Meta’s continued growth in India.”
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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.
