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Trai extends deadline to receive stakeholder comments on ‘renewal of MSO registration’ consultation paper
Mumbai: The Telecom Regulatory Authority of India (Trai) has extended the deadline to receive comments & counter comments on the consultation paper ‘renewal of multi-system operators (MSOs) registration’. Stakeholders can submit their written comments by 24 August and their counter comments by 31 August.
Trai decided to delay the deadline after stakeholders sought an extension of time for sending their comments on the consultation paper, however, no further requests for extension would be considered, it said.
The consultation paper seeks the comments of MSOs on relevant issues about renewal of MSO registration including the quantum fee to be paid for such renewal.
The key issues addressed in the consultation paper are 1) what should be the qualifying conditions, if any, to be prescribed for MSO renewal? 2) list of necessary compliances for renewal of MSO registration 3) period of renewal 4) whether a one-time fee should be levied at the time of renewal? 5) should there be a window to apply for renewal before expiry of MSO registration? 6) provision to ensure continuity of service to consumers on expiry of registration.
The ministry of information and broadcasting (MIB) plans to revise the policy guidelines regarding the renewal period of MSOs to maintain uniformity with the direct-to-home (DTH) and broadcasting sector. It has proposed to keep the renewal period for MSO registration after every ten years.
Also Read: MIB proposes to introduce policy guidelines for renewal of registered MSO and HITS operators
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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.
