iWorld
Tamil Nadu minister says film releases should come back to theatres
MUMBAI: Will blockbuster film releases make a comeback to the cinema halls away from OTT platform premieres?
The jury is out. First the government has to allow theatres and multiplexes to pull down the padlocks they have put on them. Of course the multiplex association, Ficci and CII have all been making a push with the government on how the opening up can happen.
Now another push has come from Tamil Nadu, which has seen some films coming out on OTT platforms first, skipping theatre releases. Tamil Nadu’s state minister of information and publicity Kadambur Raju today stated that the their unfettered release would end up as a revenue loss for the state government.
Speaking at a local function in Tuticorin in southern Tamil Nadu he said it was okay that films such as Ponmagal Vandhal were released on OTT platforms during the lockdown phase but now that Unlock 1.0 has started, the government is not in favour of filmmakers taking such a route. He had a simple reason for this: the government is losing GST as well as entertainment tax in Tamil Nadu.
Hence, he has urged the various stakeholders – producers, distributors and exhibitors – to come together to find solutions to reverse this trend, according to a report in The Hans India.
Meanwhile, the union minister of information and broadcaster Prakash Javadekar had last week told a delegation of film producers and distributors via video-conference that he would look into the opening up of cinema halls by end June. He also told them he would inform the various ministries to provide succor as far salary subsidies, interest free loans for three years, exemption on taxes and duties, waiver of minimum demand charges on electricity and power at industrial rates.
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.
