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billboard‘s Global Music Index rose 4.2% this week to 1,263.70, with 14 of the index’s 20 stocks in positive territory, its highest level in six weeks. The index’s most valuable companies are among the gainers, with Universal Music Group up 2.1%, Spotify up 4.1% and Live Nation up 6.1%.
The Billboard Global Music Index outperformed the leading indexes with support from Warner Music Group (+5.9%) and Tencent Music Entertainment (+8.1%). The S&P 500 rose 3.5% to 4,109.31 and the Nasdaq Composite rose 3.4% to 12,221.91. In the UK, the FTSE 100 increased by 3.1%.
In the first quarter, billboard The Global Music Index rose 8.2% overall.
Radio company Ordersy posted its biggest gain of the week, rising 18.2% to $0.13. In a proxy statement filed on March 24, Audacy said he would propose a reverse stock split at the May 24 shareholder meeting. The New York Stock Exchange will begin the delisting process for shares that he has closed below $1.00 for 30 consecutive days. Audacy’s stock price has not risen above $1.00 since July 5, 2022. The reverse stock split will reduce the number of outstanding shares. A reverse split raises the stock price because the company’s value is unaffected by the event.
Elsewhere, Madison Square Garden Entertainment (MSGE) rose 9.6% to $59.07. On Thursday (March 30), MSGE announced final plans to separate its live entertainment company from its other businesses. On April 20th, the current parent company will be renamed Sphere Entertainment Co., consisting of his state-of-the-art Sphere venues MSG Networks and Tao Group Hospitality. This leaves MSG Entertainment, a pure live entertainment company that includes venues like Madison Square Garden and Radio City Music Hall.
Competing gains boosted SM Entertainment’s share price in February and early March, but after falling another 13.1% this week, the stock has fallen 36.9% over the past three weeks. After HYBE acquired his 14.8% stake from SM’s founder, the K-pop company’s share price began the year at 76,700 won ($58.71) and surged to 114,700 won ($87.79) on February 10. . Lee Soo ManBy March 10, SM’s share price had reached 147,800 ($113.13), as HYBE and Kakao Entertainment became SM’s largest shareholders, embroiled in a battle to lead the company’s expansion following its departure from Lee. Shares plummeted after the Kakao Corp. and Kakao Entertainment tender offers ended on March 26. Still, SM Entertainment’s stock is up 21.5% year-to-date.
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