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TRAI invites stakeholder’s comments on proposed amendments to the interconnection regulation 2017
Mumbai: The Telecom Regulatory Authority of India (TRAI) has issued a draft consultation paper to bring necessary changes in the Telecommunication (Broadcasting & Cable) services interconnection (Addressable System) Regulation, 2017.
Trai notified the interconnection regulation on 3 March 2017 and further its first amendment was notified on 30 October 2019. The first draft of the interconnection regulation was issued on 27 August 2019 and a proposed amendment was initiated to include Digital Rights Management System requirements (DRM).
What is DRM?
“DRM is a systematic approach to copyright protection for digital media. The purpose of DRM is to prevent unauthorized redistribution of digital media and restrict the ways consumers can copy content they’ve purchased,” Trai stated in a statement.
“DRM products were developed in response to the rapid increase in online piracy of commercially marketed material, which proliferated through the widespread use of peer-to-peer file exchange programs. Typically, DRM is implemented by embedding code that prevents copying, specifies a time period in which the content can be accessed or limits the number of devices the media can be installed on,” it stated.
The authority also stated in a release that during its consultations, it received numerous feedback that the IPTV-based DPOs are switching to DRM technology. “It is necessary that the consultation committee covers the DRM-based networks and provides for enabling provisions for such operators,” Trai stated.
Trai conducted numerous consultation processes and gathered comments and suggestions from various stakeholders on this issue. Realising the concern with DRM, the authority decided to deal with DRM issues in a separate consultation paper. Trai further formed a committee to study DRM system issues. This committee prepared and submitted a report as well as the draft of ‘System Requirement for Digital Right Management (DRM)’ to the authority
Currently, Trai has invited comments and suggestions from stakeholders on the proposed amendment and draft of the Telecommunication (Broadcasting & Cable) services interconnection (Addressable System) Regulation, 2022, which includes the issues related to the DRM system. The stakeholders can submit their comments on the draft regulations by 7 October and counter-comments by 21 October.
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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.
