Universal Music Group has put its plans for a secondary listing on a US stock exchange on hold, citing turbulent market conditions.<\/p>\n
The world’s largest music company confirmed the decision as part of its Q4 and full-year 2025 earnings announcement, published today (March 5).<\/p>\n
“With the uncertainty in the market creating a meaningful dislocation in UMG’s valuation, the Company’s Board of Directors has decided that it is not the right time to move ahead with a US listing,” UMG said in a statement. “Should that change, the Company will provide an update.”<\/p>\n
The news comes just months after its most prominent backer publicly made the case for one.<\/p>\n
In March 2025, Bill Ackman \u2014 founder and CEO of Pershing Square Capital Management, which first acquired roughly 10% of UMG in 2021 \u2014 used his firm’s annual report letter to argue that a US listing would unlock demand from institutional investors unable to purchase non-US listed companies, improve analyst coverage, and potentially secure inclusion in major US indices.<\/p>\n
In July, UMG appeared to take a significant step forward, confidentially submitting a draft Form F-1 registration statement<\/a> to the US Securities and Exchange Commission for a proposed public offering of the company’s ordinary shares \u2014 a move that came at Pershing Square’s request.<\/p>\n As part of the process, Pershing committed to selling at least $500 million<\/a> worth of its UMG holdings.<\/p>\n In January 2025, the firm distributed 47 million shares<\/a> \u2014 a 2.6% stake \u2014 to co-investors, before offloading a further 2.7% stake<\/a> in March for proceeds of around $1.4 billion.<\/p>\n Ackman subsequently resigned from UMG’s board<\/a> in May, citing “new executive and board obligations arising from his recent investments.”<\/p>\n