Also this week: Reservoir and PopArabia buy the RE Media catalog, Timbaland acquires a stake in lifestyle and vinyl brand 12on12 and more.
In announcing UMG's new partnership with YouTube to study the effects of AI, the label's chairman and CEO sounds both an encouraging, and cautious, note.
The music giant hit $2.94 billion in the second quarter, thanks in part to a 10.6% year-over-year increase in subscription revenue.
The longtime Sony exec was most recently COO of UMG Sub-Saharan Africa.
The Billboard Global Music Index rose 2.5% this week and finished the midpoint of 2023 up 13%.
The music giant says the proceeds will be used to refinance existing debt and pay transaction fees and expenses.
With the "right incentive structures," platforms can eliminate "unauthorized, unwanted, and infringing content entirely," says the CEO.
Sales by Morgan Wallen, Taylor Swift and other artists boost UMG's recorded music and publishing divisions.
Amid growing concerns about the use of copyrighted songs to "train" AI music platforms, UMG says it "will not hesitate to take steps to protect our rights."
The 20-company Billboard Global Music Index rose 4.2%, with more than two-thirds of companies in positive territory.
