iWorld
Twitter appoints interim chief compliance officer in India
KOLKATA: Microblogging site Twitter has appointed an interim chief compliance officer in line with the new IT rules which came into effect on 26 May. The company will share the details with the IT ministry soon, it said on Tuesday.
The company “continues to make every effort to comply with new guidelines and is keeping IT Ministry apprised of progress at every step,” reported PTI quoting a Twitter spokesperson.
Earlier the US company said that it has assured the government that it is making every effort to comply with the new IT media guidelines.
Twitter’s move comes days after the government issued “one last notice” to the company.
“The provisions for significant social media intermediaries under the Rules have already come into force on 26 May and it has been more than a week but Twitter has refused to comply with the provisions of these rules,” the ministry of electronics and information technology (MeitY) had written to Twitter’s deputy general counsel, Jim Baker.
As per new rules, any failure to comply with the guidelines could lead to exemption from liability under section 79 of the IT Act, 2000. This essentially means that the platform could be held responsible for content posted by the users.
The rules recommend a three-tier mechanism for the regulation of all online media. As per the rules, each significant social media intermediary is required to appoint a chief compliance officer, a nodal contact person for 24×7 coordination with law enforcement agencies, and a resident grievance officer. All three should be resident Indians.
iWorld
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.
