Taylor Swift inks Universal Music Group mega-deal
Taylor Swift left the only record label she's ever known on Monday, choosing to leave Big Machine sign a mega-deal with Universal Music Group. In an Instagram post, Swift said that UMG had agreed to distribute any proceeds from future sales of its shares in Spotify to artists, on a non-recoupable basis.
Here's the weird thing: I can't find any information on UMG's current shareholding in Spotify. We know it was a holder for years, but it doesn't turn up in the list of hundreds of active shareholders in either S&P Capital IQ or FactSet. Nor was UMG mentioned in Spotify's IPO docs, outside of some licensing agreements.