iWorld
Truecaller appoints Hemant Arora as vice-president of global ad sales
MUMBAI: Global communications platform Truecaller has announced the appointment of Hemant Arora as the new vice-president of global ad sales business. This strategic move aims to bolster Truecaller’s advertising division, which represents the company’s largest revenue stream, while refining its global ad sales strategy.
With over 25 years of industry experience, Arora has a proven track record of driving revenue growth and managing global operations for some of the world’s most recognized media and technology companies. His previous roles include serving as head of global accounts for Europe, APAC, and the METAP regions at TikTok, where he demonstrated his ability to foster relationships with key stakeholders and manage complexities in fast-paced environments.
“Truecaller is uniquely positioned at the intersection of technology, trust, and communications,” Arora stated upon his appointment. “I am excited to join a talented team and look forward to driving impactful growth while deepening our partnerships globally.”
His extensive experience includes establishing revenue growth business units, which will be crucial as Truecaller seeks to expand its advertising portfolio and integrate innovative solutions.
Truecaller CEO Rishit Jhunjhunwala, emphasised the importance of Arora’s appointment, noting his extensive background in building scalable revenue models and navigating global markets. “Hemant’s leadership will further strengthen our vision to revolutionize how brands connect with consumers and maximize the potential of our platform,” Jhunjhunwala commented.
Truecaller serves over 425 million active users worldwide, making it one of the most widely used communication platforms. The company’s growth has been bolstered by its ability to identify and block nearly 46 billion unwanted calls in 2023 alone, showcasing its effectiveness in improving user experience.
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.
