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Chinese streaming platform Tencent Music Entertainment grew its stake in the world’s largest music company, Universal Music Group (UMG), by picking up a direct 2% equity holding worth $327 million in March, the company said on Tuesday (May 13).
While it did not identify the seller — described in Tuesday’s filings only as “one of our associates” — Pershing Square sold 50 million shares of UMG on March 13, raising about $1.3 billion, according to filings and research reports. Tencent Music and Pershing Square did not immediately respond to requests for comment.
The news means that Tencent Music and UMG each own notable stakes in each other’s companies, as UMG owns a 0.79% stake in TME as of Dec. 31 that’s currently worth $181.2 million.
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Tencent Music has been an investor in UMG since March 2020, when it joined a consortium of investors led by its parent company, Tencent Holdings. That consortium accumulated a 20% stake in UMG from UMG’s parent company, Vivendi S.A., between 2020 and 2021, of which Tencent Music owned a 10% share, according to filings.
This March, that consortium “completed a transfer of the UMG shares held by the consortium to its members,” which resulted in Tencent Music acquiring a direct 2% equity interest in UMG, according to its annual report.
Tencent Music, which reported first-quarter revenue of 7.36 billion Chinese yuan ($1.01 billion) on Tuesday, recognized “other gains” worth 2.44 billion Chinese yuan (US$336 million), of which the UMG stock comprised 2.37 billion Chinese yuan (US$327 million), according to filings.
Pershing Square has been an investor in UMG since 2021, and though the mid-March stock sale reduced its stake in UMG to 4.9% from 7.6%, the music company remains the hedge fund’s largest single holding, comprising 17% of its capital.
The sale came ahead of Pershing Square’s plan to register its UMG shares in the United States in September. Pershing Square head and UMG board member Bill Ackman has advocated for the company to move its primary listing from the Euronext Amsterdam stock exchange to a U.S.-based exchange, saying it would add value for the company.
Over the past four years, when Morgan Wallen releases an album, it has camped out at the top of the Billboard 200 for quite some time. Starting with the 10-week No. 1 Dangerous: The Double Album in 2021 and continuing with 19-week chart-topper One Thing at a Time in 2023, Wallen has a pretty unimpeachable […]
In a year filled with economic uncertainty and instability, iHeartMedia is seeing “generally stable ad spend,” CEO Bob Pittman said during the company’s first quarter earnings call on Monday (May 12).
The radio and podcasting giant had first-quarter revenue of $807 million, up 1.0% from the prior-year period. Excluding political advertising, which was boosted by the 2024 elections, revenue increased 1.8%.
The multi-platform segment, which includes broadcast stations, had revenue of $473 million, down 4%. But Pittman expressed cautious optimism that radio advertisers are remaining with the format. Premiere Radio Networks, which represents national advertising, was up 2% in the quarter. “I think that’s sort of an indication that the bigger advertisers are hanging in there,” he said.
The 1% revenue uptick was a positive for a company that stood to bear the brunt of an advertising slowdown due to U.S. tariff policy. Analysts had expected revenue to decline 1.6% to $786 million.
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iHeartMedia is increasingly a podcast company, and the digital audio group continued to be a growth source. In digital, revenue rose 16% to $277 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) improved 28% to $87 million. The company had a unique podcast audience of 32.7 million and 177 million streams and downloads in March — both No. 1 in the U.S., according to Podtrack.
“We’re beginning to feel the flywheel effect of being the strong number one in podcast publishing. Our podcasting financial discipline and our focus on the high-margin podcast publishing sector continue to fuel what we believe is the most profitable podcasting business in the United States and to accelerate our growth,” said Pittman.
The audio and media division’s revenue fell 14% to $59.3 million due primarily to non-recurring contract termination fees earned by Katz Media last year. The segment’s adjusted EBITDA dropped 33% to $15.8 million.
The company expects its second quarter consolidated revenue to be down in the low single digits compared to the same period last year. April “pacing” was down 2% year over year, according to CFO Rich Bressler. For iHeartMedia to hit its full-year guidance and avoid a possible down advertising market, Bressler added, the company will need “some positive movement in the macro [environment] and improvement to the uncertainty in the back half of the year.”
Shares of iHeartMedia jumped 19.3% to $1.54 in early trading Tuesday (May 13) but had fallen to $1.22, down 5.4%, by midday.
Yuval Raphael knows she has her work cut out for her. Israel’s entry into the 2025 Eurovision Song Contest is slated to take the stage on for Thursday’s (May 15) second semi-final round amid tensions around the country’s participation in the global singing competition in the midst of its ongoing war in Gaza.
The 24-year-old tells Billboard she’s ready for whatever comes her way: “Every one of us is experiencing difficult times and none of us are immune to it.”
Raphael is a survivor of the Oct. 7, 2023 Nova Festival massacre in Israel, which was part of a surprise attack in which Hamas raiders murdered more than 1,200 Israelis and kidnapped 250 men, women and children in an assault that set off the now year-and-a-half-long war between Israel and the militant group. (Before talking with Billboard, per competition rules, Raphael’s team stressed that the singer could not answer questions about her escape from the Nova massacre or comment on the war in any fashion.)
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The singer won her spot at Eurovision by coming out on top in Israeli reality talent show Hakohav Haba (Rising Star); her uplifting anthem, “New Day Will Rise,” is her first professional effort after a lifetime of singing in her bedroom. “In my heart I knew that it was going to happen and I used to imagine big stages… but now, doing it professionally feels like a dream come true,” she tells Billboard in a WhatsApp chat.
She sings the song in French, Hebrew and English, the latter because, she says, English is an international language she thinks will help audiences connect with the lyric. “I wanted the message to be out there and understood,” she says of the soaring track on which she sings, “New day will rise, life will go on/ Everyone cries, don’t cry alone/ Darkness will fade, all the pain will go by/ But we will stay, even if you say goodbye.”
Looking for a spot in Saturday’s (May 17) finale, Raphael says the song’s strong message of hope will connect with audiences, pointing to the chorus line about crying as the key to its emotional punch. “Crying is not a bad thing, it’s a way of expressing your emotions and letting everything out instead of keeping it inside,” she says. “And crying with someone else or someone that relates to your grief is something that is so healing… hopefully they’ll take the message of embracing each other and bringing hope to each other.”
As with many Eurovision entries, “New Day Will Rise” is full of uplifting lyrics, soaring emotion and a broad message. Raphael will deliver it from inside a huge silver spiral staircase structure on a massive set featuring video of a cascading waterfall (which is on the somewhat subtle side for the show’s typically way over-the-top production).
British author Chris West, who wrote the 2017 book Eurovision! A History of Modern Europe Through the World Greatest Song Contest — which looked at the sometimes wacky song contest’s intersection with political, cultural and social movements over the past sixty-plus years — tells Billboard that despite event organizer European Broadcasting Union’s insistence that the event remain non-political, it’s inevitable that world events get reflected in its mirror-ball gaze.
“Eurovision makes a big thing about it not being political,” he says, not surprised that the Israeli delegation is sensitive to any hint of mixing events on the ground in the ongoing war against Hamas in Gaza with Raphael’s performance. He notes that in 2022 audiences were clearly behind Ukrainian group Kulash’s Orchestra’s run to the top with the song “Stefania” just weeks after Russia launched its unprovoked war on the nation. In 2024, there were also calls for a boycott of Eurovision over the inclusion of an Israeli singer.
Last week, more than 70 former Eurovision contestants signed a petition once again calling on organizers to ban Israel from the competition. West says there is a history of current events impacting Eurovision. In 2021, Belarus was suspended after their song “Ya nauchu teya,” as well as a replacement track, were deemed to have violated the contest’s rules about political messages; in 2022, Russia was denied entry over its invasion of Ukraine.
Last year’s entry from Israel, Eden Golan — who had to change her song title from “October Rain” to “Hurricane” after complaints that it was viewed as a thinly veiled message about the Gaza war — said she received death threats and was booed when she sang. That reaction is something Raphael has said she expects to hear when she sings on Thursday in Switzerland, where she lived for several years as a child.
“It’s pretty unusual to be booed,” West says, adding that it did happen in 2014 when Russia’s entry, the Tolmachevy Sisters, were hit with boos during the semi-finals, seemingly in response to Russia’s invasion of Crimea that year. “It’s always been political in my view, but probably getting more political as its profile rises,” he says. “In Europe, the perception of Eurovision as a joke is over, and people take it more seriously — and as it is taken more seriously, the political aspects will matter more.”
Though she’s barred from discussing it, Raphael’s story is one of the most unusual in Eurovision history. She was nearly killed when Hamas gunmen stormed into Israel on Oct. 7 while she was attending her first outdoor rave. The singer and her friends sprinted to a bomb shelter, with nearly 50 people trying to cram into the small concrete bunker as assailants fired gunshots and lobbed grenades at them.
An Israeli documentary about the mass killing featured a recording of Raphael calling her father in a panic, asking him for help as he counseled her to “play dead.” The tactic allowed her to be one of fewer than a dozen survivors in the shelter, as she hid under a pile of bodies for nearly eight hours until her rescue — on a day when nearly 400 other Nova attendees were killed.
A student of past Israeli Eurovision singers such as 2015 entry Nadav Guedj (“Golden Boy”), as well as 2018’s winning artist, Netta (“Toy”), and 2023’s Noa Kirel (“Unicorn”), Raphael says she reached out to Golan for advice on how to deal with the agita surrounding her participation and the expected push-back from protesters.
“I think the best way of dealing with all the noises is reminding yourself that there is a sole purpose to this contest, which is to bring honor to your country and give a good and honorable performance,” she says — noting that her mother, her biggest supporter, is always by her side. She’s already encountered some of that resistance when demonstrators shouted at her and flew Palestinian flags during Sunday’s turquoise carpet event in Basel, Switzerland, where this year’s edition is being held.
“This competition has such an amazing slogan, ‘United By Music,’” she says. And though she’s not allowed to reference her dramatic backstory, Raphael thinks the song does it for her. “That is the beauty in music: Anyone can take it to their heart and relate to it in your way,” she says. “My song has such a strong message, and hopefully it will [reach as many people as possible] — so I’m very, very excited to be sending that message all over the world.”
At the end of the interview, dropping her on-message mode briefly, Raphael has a final message she feels compelled to share — just hours before the last known living American hostage, Edan Alexander, was reunited with his family after more than 18 months in captivity.
“The hostages should have been home a very long time ago — and hopefully until we’re back, everyone will be home,” she says, in reference to the approximately 58 Israeli hostages that are still in Gaza as the competition kicks off in earnest.
There will be 37 countries participating in this year’s competition, which you can stream on Peacock beginning with Tuesday’s (May 13) first semi-final at 3 p.m. ET. The Grand Final will air on Saturday (May 17) beginning at 3 p.m. ET.
Listen to “New Day Will Rise” below.
Facility management company Marathon Live is opening the music venue FIVE, located at Jacksonville, Fla.’s, historic Five Points, on Tuesday night (May 13) with Korean-American singer, musician and internet personality BoyWithUke performing. FIVE is located in a historic 1927 theater that was recently renovated. The work began in August with crews working to preserve the […]
Qidere “LGP QUA” Johnson was shot and killed in Philadelphia on Mother’s Day in what authorities are saying was a robbery gone wrong.
The Philadelphia Police Department confirmed to ABC News that the 30-year-old artist, who was also outspoken about gun violence and promoted positivity, was shot multiple times a little after 4:40 p.m. in the Juanita Park neighborhood. He was pronounced dead at a local hospital shortly before 5 p.m. Law enforcement is currently searching for three men who may be linked to the fatal shooting, and is offering a $20,000 reward for information leading to an arrest and a conviction in the case.
“His life will never be in vain with me,” QUA’s publicist, Nikki Bagby, told ABC 6 Action News. “I am heartbroken because people knew QUA as a rapper, but people didn’t know him as a community advocate. Literally, he was the voice of the youth.”
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The young rapper was known as the “Voice of the Youth” because of the honest way he approached street life in his music. The rapper decided to rebrand himself as a positive influence after spending time in prison.
Media personality Mina “SayWhat” Llona, who has interviewed LGP multiple times, spoke with ABC 6 Action News about Johnson’s death. “It’s heartbreaking, it’s just not enough words and I think people are just tired,” she told the news outlet. “You know, we’re tired of saying ‘rest in peace,’ we’re tired of it being the same story and the same narrative. We’re losing young people that are very talented.”
She noted that it’s unfortunate that even someone as positive as Johnson is vulnerable to gun violence. “A young guy not saying those things, being positive,” she said. “You know, giving people inspiration and even he is susceptible to some of the things that our youth are dealing with right now, and it’s just sad.”
Meek Mill was also disappointed when heard the news, taking to his Instagram Stories to make a statement. “Killing ambitious young bulls like this on Mother’s Day is a Philly type of thing,” the Philly rapper said. “S—t will make you different. Prayers to your family, and let’s collect some of them guns. S–t sad out here.”
In 2018, LGP QUA was honored by the city and state at his former school, Edward T. Steel Elementary, where he and Puma also donated $10,000.
“Whoever is looking at me getting these awards and certificates, is like, ‘There is hope,’” the rapper said at the event. “They see someone who was on the negative side change and is on the positive side now.”
The school’s principle Jamal Dennis added at the time, “It’s very hard to do a lot of things if you never seen it, Bringing someone in that they can actually see and hear from, that the road is going to be bumpy — things happen in life.”
Kali Uchis is trading intimacy for enormity. Fresh off the release of her most vulnerable album yet, Sincerely, the Colombian American artist is set to bring her lush, genre-melding sound to arena stages across North America this summer. Explore Explore See latest videos, charts and news See latest videos, charts and news With stops at […]
For the past few months, The Weeknd has been teasing that his sixth album and upcoming movie of the same name, Hurry Up Tomorrow, could mark the end of the unpredictable stage character that has taken over singer Abel Tesfaye’s life for more than 15 years. After suggesting to The New York Times recently that the film à clef he wrote, stars in and produced — which eerily matches some of his own career high, and low, points — likely marks his last release as The Weeknd, he told EW that the door is still cracked.
Speaking to the magazine at the recent CinemaCon festival alongside director Trey Edward Shults and co-star Jenna Ortega, Tesfaye said the movie (which opens on Friday) feels like the final nail in the coffin of the complex Weeknd character.
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Or, perhaps, it could be the kick-off to a second life?
While he has been adamant that he plans to keep making music, Tesfaye told EW, “It feels like it [the end of the Weeknd]. I mean, I’ve kind of toyed with the idea in the past with albums,” he added, noting that this isn’t he first time he’s considered doing away with his sometimes swaggering, sometimes beat-to-a-pulp alter ego. “But it could also just be a rebirth. Who knows?” he said.
In January, Tesfaye, 35, said that he planned to retire his alter ego following the conclusion of the album trilogy that began with 2020’s After Hours and includes 2022’s Dawn FM and wrapped up with January’s Hurry Up Tomorrow. “It’s a headspace I’ve gotta get into that I just don’t have any more desire for,” he said of his stage name at the time. “You have a persona, but then you have the competition of it all. It becomes this rat race: more accolades, more success, more shows, more albums, more awards and more No. 1s. It never ends until you end it.”
The Weeknd entered the public consciousness in 2011 when he put out the House of Balloons mixtape and worked to keep his face and identity secret at first, finally revealing himself to the wider world at Coachella in 2012. Flash forward billions of streams and four Grammys later and he’s one of the biggest acts on the planet.
The movie was inspired by what should have been a triumphant moment that went sideways. Tesfaye has described becoming undone when he suddenly lost his voice completely during a stadium show in L.A. in 2022. In the film, he plays a fictionalized, insomnia-wrecked version of himself, also named Abel, who is taken on a wild ride by alluring stranger Anima (Ortega).
“I tried to make the movie in a way where, for his fans and people who want to approach it at that level, I hope it’s very satisfying and you get a good meal out of it,” Shults, who co-wrote the psychological thriller’s screenplay with Tesfaye and Reza Fahim told EW in February. The director said that it was an “absolute possibility” that the project would be the Weeknd’s final chapter, adding “And for people that aren’t his fans and don’t know anything about him or even care about the final capping of the Weeknd, I think you still have a great movie to go through.”
Philadelphia’s Making Time festival has announced the lineup for its 2025 event.
The three-day show will feature performances from legends including Four Tet and Moodymann, electronic pioneer Suzanne Ciana, Japanese phenom Yousuke Yukimatsu, modern mainstays Boy Harsher, Avalon Emerson, Haii, Sherelle, Jubilee and Ben UFO, rising Brooklyn duo Fcukers, Glasgow veterans Optimo (Espacio) and many more.
Additionally, the lineup includes Interplanetary Criminal, Gerd Janson, Chaos in the CBD, Panda Bear, John Talabot, VTSS, Donato Dozzy and others.
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Making Time 2025 will once again happen at Fort Mifflin, an eighteenth century landmark located on the Delaware River in Philadelphia. The site will feature five stages, across which the event will feature indie and experimental electronic music, along with post-punk, shoegaze, ambient and more. Along with music, the lineup includes meditation sessions, sound baths and other activities designed to foster transcendence.
The event happens Sept. 19-21, with tickets on sale now. Tickets are $235 plus taxes and fees, and tickets with no fees attached are available at The Lot Radio in Brooklyn and Middle Child & Middle Child Clubhouse in Philadelphia.
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2025 will mark the fifth edition of the independently produced festival. Making Time was created by Philadelphia-based producer Dave Pianka, whose artist name is Dave P., and is an extension of his Making Time radio show and the Making Time parties he’s been throwing for 25 years.
A press release for the festival notes that “The motto for [Making Time 2025] is ‘choose transcendence.’ For over 25 years, Making Time has been about partying your a– off and transcending the mundanity of the everyday, the average, the mediocre.”
See the full lineup below:
Making Time 2024
Courtesy of Making Time
Ineffable Live has signed an exclusive talent buying agreement with Majestic Ventura Theater, previously managed and booked by Live Nation since 2019. Ineffable Live is the concert promoter and talent buying division of Ineffable Music Group, the Oakland-based record label, management company and concert promoter. Ineffable’s stable of California venues include the Uptown Theatre in […]
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