Entertainment
Universal Music Group Shares Fall Nearly 9% on Pershing Square Stock Sale
The music business has earned a reputation for being recession-proof. In bad economic times, people still pay for their music subscription services and want to go to concerts. Some synch opportunities may dry up as advertisers make cutbacks, but overall, the music is a hearty business that doesn’t follow typical economic cycles.
Music business stocks, however, aren’t immune to fluctuations in the market and investors’ worries about the increasingly fragile state of the economy. This week, just three of the 20 companies on the Billboard Global Music Index (BGMI) finished with gains, and five stocks had losses in excess of 10%. Despite a host of strong quarterly earnings results in recent weeks, President Donald Trump’s tariffs on goods from Canada, Mexico, China and Europe have caused markets to panic, taking down music stocks along with the industrial and agricultural companies most likely to be affected.
The S&P 500 entered correction territory on Thursday (March 13) when it closed down 10% from the all-time high. The Russell 2000, an index of small companies, was down 18.4% from its peak. Most stocks improved on Friday (March 14) as markets rallied — despite a decline in the University of Michigan’s consumer confidence index — but the first four days of the week were too much to overcome. The S&P 500 finished the week down 2.3% and the Nasdaq composite closed down 2.4%.
Markets outside of the U.S. fared better than U.S. markets. The U.K.’s FTSE 100 dropped just 0.5%. South Korea’s KOSPI composite index rose 0.1% and China’s SSE Composite Index improved 1.4%.
Even though 17 of the 20 companies on the BGMI posted losses this week, the index rose 0.5% to 2,460.71 because of Spotify’s 8.1% gain, and the dollar’s nearly 1% increase against the euro offset the weekly declines of 17 other stocks. Spotify is the BGMI’s largest component with a market capitalization of approximately $117 billion — more than twice that of Universal Music Group’s (UMG’s) $50.2 billion. The stock also received rare good news this week as Redburn Atlantic initiated coverage of Spotify with a $545 price target (which implies 5.5% upside from Friday’s closing price) and a neutral rating.
UMG shares fell 8.8% on Friday, a reaction to Pershing Square’s announcement on Thursday that it will sell 50 million shares worth approximately $1.5 billion. Pershing Square CEO Bill Ackman called UMG “one of the best businesses we have ever owned.” JP Morgan analyst Daniel Kerven admitted the news was “a near-term negative for confidence” in UMG but saw Pershing Square’s decision to sell shares as a move to take profits and re-weigh its portfolio (UMG was 27% of Pershing Square’s holdings) rather than a commentary about UMG’s long-term potential or recent operating performance. UMG shares ended the week down 8.2% to 25.46 euros ($27.78) but remained up 6.5% year to date.
Live Nation shares dropped 6.5% to $119.22, marking the stock’s fourth consecutive weekly decline. During the week, Deutsche Bank increased its Live Nation price target to $170 from $150 and maintained its “buy” rating. On Friday, a judge denied Live Nation’s request to dismiss an accusation that the promoter illegally forced artists to use its promotion business if they wanted to perform in its amphitheaters.
Other U.S.-based live entertainment companies also fell sharply. Sphere Entertainment Co. fell 10.1% to $31.55. MSG Entertainment dropped 1.3% to $31.46 despite Wolfe Research upgrading the stock to “outperform” from “peer perform” with a $46 price target. Vivid Seats, a secondary ticketing platform, fell 28.1% to $2.86 after the company announced fourth-quarter earnings.
Radio companies, which tend to suffer when economic uncertainty causes advertisers to pull back spending, had yet another down week. iHeartMedia fell 12.0% to $1.61. Cumulus Media dropped 11.5% to $0.46. And SiriusXM, which announced layoffs this week, fell 10.1% to $22.67. Year to date, iHeartMedia is down 24.4% and Cumulus Media is down 40.3%. SiriusXM, on the other hand, has gained 1.4% in 2025.
K-pop stocks also fell sharply despite South Korea’s market finishing the week with a small gain. HYBE, SM Entertainment, JYP Entertainment and YG Entertainment had an average decline of 7.4% for the week. Collectively, however, the four South Korean companies have had a strong start to 2025 and, after this week, had an average year-to-date gain of 19.3%.
Myke Towers and Quevedo propel “Soleo” to the top of Billboard’s Latin Airplay chart as the song jumps a spot to No. 1 on the list dated Aug. 9.
Their first collab, “Soleao” (which translates to “sunny” in English), was released May 20 on One World International/Warner Records/Warner Latina. It leads the way in its ninth chart week, after an 11% growth in audience impressions, to 9.1 million, across U.S. panel-contributing Latin radio stations in the tracking week of July 25-31, according to Luminate.
Towers claims his 15th Latin Airplay champ, and third consecutively of 2025, after one-week rulers “Otra Noche,” featuring Darell (February), and “Degenere,” featuring Benny Blanco (May).
Further, Towers adds to his satchel of wins as he accomplishes a third trio of No. 1s in a single year. Rewind to 2021, when (after landing two early chart-toppers, for that matter) the Puerto Rican delivered a streak of three straight No. 1s: “Bandido,” with Juhn; “Pareja del Año,” with Sebastián Yatra; and “Bésame,” with Luis Fonsi, that June, August and November, respectively. In 2024, Towers replicated the success with another trio of consecutive No. 1s: “Borracho y Loco,” with Yandel; “La Falda”; and “La Capi,” between that February and May.
Meanwhile, Quevedo makes a comeback to No. 1 on Latin Airplay. He previously led, for four weeks, with “Bzrp Music Sessions, Vol. 52,” with Bizarrap, in 2022.
Beyond its Latin Airplay coronation, “Soleao” likewise lifts 2-1 on Latin Pop Airplay. There, Towers tallies a third No. 1 and Quevedo, his first. Further, the song adds a second week atop Latin Rhythm Airplay.
Banda Carnaval Ignites Regional Mexican Airplay: Elsewhere on the Latin charts, Banda Carnaval secures its eighth No. 1 on Regional Mexican Airplay, and second of the year, as “Ya La Hice” bounds 9-1 with 6.6 million audience impressions, up 47%, in the tracking week. The act’s “Pude” led for a week in March.
“We are deeply grateful to our fans for taking ‘Ya La Hice’ to No. 1 on Billboard’s Regional Mexican Airplay chart,” Banda Carnaval tells Billboard. “This song represents a very special moment for us, and seeing it connect with people in this way fills us with pride and emotion. Thank you to everyone who has made it their own, to the composers for this great story, and to our team who continues to believe in our music. Let’s go all the way with Síganme Tirando!”
“Ya La Hice” earns Greatest Gainer honors, awarded to the song with the largest week-over-week increase in impressions at the format. Leading the charge during the tracking period are Univision stations, with standout support from KSCA-FM Los Angeles, KLNO-FM Dallas, and WOJO-FM Chicago.
Entertainment
Ice Cube’s ‘War of the Worlds’ Film Has a 0% Rating on ‘Rotten Tomatoes’ & Cube’s Son Is Weighing In
Ice Cube‘s latest movie is off to a slow start on review aggregator Rotten Tomatoes. According to 15 critics (and counting), War of the Worlds so far has a zero percent rating on the Tomatometer scale, while thousands of moviegoers have given it at 14 percent rating on the Popcornmeter.
One review in particular, from Variety‘s Peter Debruge knocked the film for essentially doubling as a commercial for Amazon, writing, “Even with a Prime subscription, you have to sit through two minutes of ads to watch 90 more of what amounts to a feature-length commercial for all things Amazon,” while another from The Telegraph‘s Ed Power wasn’t really into all the screen time Cube got, saying, “It is silly, shoddy and features far too much of rapper-turned-leading man Ice Cube staring at a computer screen while looking as if he’s working through a reasonably urgent digestive ailment.”
An adaptation of H. G. Wells’ classic 1898 novel The War of the Worlds, this version is an Amazon Prime production directed by Rich Lee and also starring Eva Longoria. Cube plays Will Radford, a surveillance expert at the Department of Homeland Security, and most of the movie takes place on his computer screen as he deals with a hacker and an alien invasion while trying to keep his family out of harm’s way.
The synopsis on Prime Video reads as follows: “A gargantuan invasion is coming with this fresh take on the legendary novel of the same name. Renowned actress Eva Longoria is joined by iconic rapper and actor Ice Cube, along with Michael O’Neill and Iman Benson, for a thrilling out-of-this-world adventure that is filled with present-day themes of technology, surveillance, and privacy.”
Cube’s son, actor O’Shea Jackson Jr., replied to a tweet on X of a video clip from the movie in which an Amazon Prime delivery person tells Cube’s character to cop a USB from Amazon, so he can deliver it via Prime Air with a drone. “I truly can’t believe this adaptation of War Of The Worlds is actually a real film with a real budget and Ice Cube is actually in it,” a fan posted, with Jackson replying that the movie was “Shot during the pandemic. Released 5 years later.”
Billboard has reached out to Ice Cube’s team for comment.
Entertainment
Cara Lewis Group Hires Ashley Ventura, Who Will Bring Bhad Bhabie & More to the Agency
Cara Lewis Group (CLG) has hired agent Ashley Ventura, who will bring her clients to the independent agency.
“CLG is an obvious fit for her talents,” said founder/CEO Cara Lewis in a statement. “The entire Cara Lewis Group team is thrilled to have her as a valued addition. We look forward to continuing our mantra of artist development, creating stars and long lasting careers.”
Ventura has worked as an agent in the hip-hop and R&B space for more than five years, previously working at MAC Agency. A press release announcing her hire described her as a “proven” leader and “one of the newest, most exciting agents in the industry.”
“I’m thrilled to be joining the Cara Lewis Group and to continue pushing culture forward alongside such a respected team,” added Ventura. “This new chapter marks an exciting step in my journey, and I’m looking forward to building with incredible artists and creating what’s next.”
Ventura will be bringing a number of talented artists to the CLG roster, including hip-hop icon French Montana and reality TV star and rapper Bhad Bhabie. Her other clients include Atlanta rapper Anycia, Bay Swag, Bktherula, Gashi, K Camp and Kentheman, all of whom are following her to CLG.
CLG’s roster currently includes Eminem, Travis Scott, Khalid, Don Toliver, Clipse, The Roots, Russ, Jill Scott, Ludacris, Ice Spice, BIA and Erykah Badu. Lewis is one of the most successful independent agents in hip-hop, having spent more than 20 years at William Morris as a partner, where she built the urban-pop division before joining CAA’s music department.
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