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billboardThe Global Music Index rose 4.2% this week to 1,263.70, its highest level in six weeks, with 14 of the index’s 20 stocks in positive territory. The most valuable companies in the index were all up: Universal Music Group was up 2.1 percent, Spotify was up 4.1 percent and Live Nation was up 6.1 percent.
The Billboard Global Music Index outperformed the main indices with additional help from Warner Music Group (+5.9%) and Tencent Music Entertainment (+8.1%). The S&P 500 rose 3.5 percent to 4,109.31 and the Nasdaq Composite rose 3.4 percent to 12,221.91. In the UK, the FTSE 100 rose 3.1%.
In the first quarter, billboard The Global Music Index rose 8.2 percent overall.
Radio company Audacy was the week’s top gainer, rising 18.2 percent to $0.13.in a proxy statement In a March 24 filing, Audacy said it would propose a reverse stock split at the company’s May 24 shareholder meeting. The New York Stock Exchange will initiate delisting procedures for stocks whose closing price has been below $1.00 for 30 consecutive trading days; since July 5, 2022, Audacy’s stock price has not exceeded $1.00. A reverse stock split will reduce the number of shares outstanding. A reverse split would boost the stock price since the company’s value is not affected by the event.
Elsewhere, Madison Square Garden Entertainment (MSGE) rose 9.6% to $59.07. Thursday (March 30), MSGE disclose It eventually plans to separate its live entertainment company from its other businesses. On April 20, the current parent company will change its name to Sphere Entertainment Co., comprising the state-of-the-art Sphere venue, MSG Networks and Tao Group Hospitality. That would leave MSG Entertainment, a pure-play live entertainment company that includes venues such as Madison Square Garden and Radio City Music Hall.
Competing interests drove shares of SM Entertainment higher in February and early March, but the stock is down 36.9% over the past three weeks after falling another 13.1% this week. Shares of the K-pop company soared to 114,700 won ($87.79) on Feb. 10 after starting the year at 76,700 won ($58.71) HYBE acquires 14.8% stake From the founder of SM, Li Xiuman. Until March 10, when HYBE and Kakao Entertainment caught in a fight Becoming SM’s largest shareholder and leading the company’s expansion following the break with Lee, SM’s shares reached 147,800 shares ($113.13).Formerly of Kakao Corp. and Kakao Entertainment tender offer It expired on March 26, and the stock price plummeted. Still, shares of SM Entertainment are up 21.5% year-to-date.
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