Universal Music Group has decided to pause its plans for a U.S. stock market listing, citing uncertain market conditions that the company believes do not reflect its true valuation. The move steps back from an earlier agreement with Bill Ackman and his investment firm, Pershing Square, which had exercised the right to request a New York offering in hopes of improving the company’s share price and liquidity. The company said it would reconsider the plan if conditions improve, noting that current market sentiment has pushed its valuation to a level it considers below its worth. UMG reported strong financial performance in 2025, with revenue rising 8.7% at constant currency to about $14.5 billion.
The music group continued to benefit from strong artist performance and streaming partnerships. Its artists secured nine of the top ten positions on the IFPI Global Artist Chart in 2025, led by Taylor Swift, Stray Kids, and Drake. UMG also signed new “Streaming 2.0” agreements with Spotify and YouTube, focusing on higher-value subscribers and fan-focused offerings such as merchandise and premium tiers. Premium subscription revenue increased 5.6% to about $5.7 billion, while adjusted EBITDA reached roughly $3.3 billion. Net profit attributable to shareholders declined due to valuation changes in investments, including Spotify and Tencent Music Entertainment, though adjusted profit still showed growth.
