Also, Live Nation shares gained 3.7% and reached an all-time high ahead of next week’s fourth-quarter earnings results.
The Canadian rapper’s new project, Some Sexy Songs 4 U with PARTYNEXTDOOR, comes amid a legal battle he’s waging against the Universal Music Group.
The fund will expand upon the two entities' four-year-old partnership that provides Music Health Alliance healthcare concierges to clients.
UMG announces major changes in Toronto, a day after similar moves in Nashville.
The Universal chairman/CEO touted strides in the company's "artist-centric strategy," recent agreements with Spotify and Amazon and its embrace of "responsible AI."
UMG shares rose 11.2% this week and the Billboard Global Music Index rose 6.3% to a record 2,447.97, bringing its year-to-date gain to 15.2%.
"We know that even after every fire is extinguished the road to recovery will be very long," Grainge writes. "We will be there every step of the way."
The new multiyear partnership will expand monetization opportunities for recorded music and publishing, and align with UMG's new "Streaming 2.0" strategy outlined this year.
Pershing Square Holdings will sell some of its 10.25% stake in UMG for a listing on a U.S. exchange by September.
The company vowed to fight back against a lawsuit that it said was trying to "weaponize" the legal process to "silence an artist’s creative expression."
