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%.
Entertainment
No ‘Good’ Deed Goes Unpunished for Ariana Grande’s Glinda in Final ‘Wicked: For Good’ Trailer

In the final trailer for Wicked: For Good, Ariana Grande‘s character learns that a big price comes with being Glinda the Good.
Released on Wednesday (Sept. 24) — about two months before the Wicked sequel finally premieres in theaters on Nov. 21 — the preview shows how the blonde leading lady wrestles with her new role as Oz’s spokeswoman, as Cynthia Erivo‘s Elphaba attempts to expose the Wizard’s evil agenda while living in hiding. At first, Glinda is “obsess-ulated” with the gorgeous gown, tiara and mechanical flying bubble her public-facing life affords her — but everything quickly comes crashing down when she realizes that she’s on the wrong side of history, and that she just might be too late to save her former schoolmate from the wrath of Oz’s brainwashed citizens.
“I’m a public figure now, people expect me to …,” Glinda tells Elphaba at one point, with Dorothy’s fallen house and the Yellow Brick Road visible in the background.
“Lie?” the green-skinned witch cuts in, to which Glinda says defensively, “Be encouraging.”
Grande’s character is less sure of herself when she is confronted by Jonathan Bailey’s Fiyero, who accuses, “You can’t resist this.”
“Who could?” Glinda asks, to which the Winkie prince replies, “You know who could.”
Arriving one year after the first Wicked hit theaters and shattered movie-musical box-office records, For Good will serve as the film adaptation of the second act of the Broadway musical on which the live-actions are based. The soundtrack will also drop on Nov. 21, complete with two brand new songs sung by Grande and Erivo.
As revealed when the tracklist dropped a week prior to the new trailer, the title of Glinda’s bonus song is “The Girl in the Bubble,” while Elphaba’s added balled is called “No Place Like Home.”
Watch the final trailer for Wicked: For Good above.
Entertainment
Priscilla Presley Says That Leaving Elvis Presley Was ‘The Only Way to Survive’ in New Memoir ‘Softly, As I Leave You: Life After Elvis’

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Priscilla Presley was with Elvis Presley for around 14 years before they split; however, the pair had known each other for years before they wed in 1967.
The time in between and following Priscilla and Elvis’ divorce was a tough spot for Priscilla, and one she wasn’t super open about — that is, until now. In her new memoir Softly, As I Leave You: Life After Elvis, the actress shares the difficult but inspiring journey beyond the walls of Graceland post-split with the King, choosing to put herself and her daughter, Lisa Marie Presley, first.
A hardcover version of the book is now on sale and can be purchased now on Amazon for $22.38, while paperback will run you $32. A Kindle version retails for $15.99. If you’re a superfan of Priscilla and the Presley family, you can also snag a signed version of the memoir via Barnes & Noble for $32. The piece makes a great gift for the avid Elvis collector in your life. If you’d rather listen to the memoir, we won’t judge, you can do so with Audible via a subscription which costs $7.95 a month, a price tag less than a physical copy.
Softly, As I Leave You: Life After Elvis
A new memoir by Priscilla Presley.
If you didn’t know, Priscilla met Elvis when she was just 14 and he was 24. The singer was serving in the U.S. Army in 1959 in Germany. The pair remained romantically connected for years, even with distance between them and in 1967, they were wed in a simple and very secret ceremony in Las Vegas. While their separation in 1973 was painful for Priscilla, this novel highlights why it was so important for the Naked Gun star to leave.
It seems that Priscilla lost touch with herself throughout her relationship with Elvis. Leaving allowed her to find herself again. Through the book, we are treated to snippets of Priscilla’s life pre- and post-Elvis and how she had to reinvent herself a second time as the single mother after the performer’s death in 1977.
Today, we are taken through how Priscilla was able to transform Graceland into an international destination and helped guide the development of Elvis Presley Enterprises, turning the King’s legacy into a full-on business. If you are an Elvis fan, this gives readers a unique perspective on his life, as told by his ex-wife. It also gives Priscilla’s story more context for those who aren’t too familiar with her life and career.
Entertainment
Calvin Harris’ Ex-Business Manager Denies $22M Fraud Claims: ‘Categorically False’

Calvin Harris‘ former longtime business manager is firing back against bombshell fraud claims, saying he never stole from anybody and that the Scottish DJ willingly agreed to invest in his Los Angeles real estate development project.
Thomas St. John, an entertainment industry-focused accountant who runs the eponymous firm Thomas St. John Group, is currently wrapped up in thorny arbitration proceedings with his former client Harris (Adam Wiles). He’s accused of abusing his access to Harris’ accounts in order to fund his side venture: the construction of a recording studio and office space complex in Hollywood.
Harris claims that St. John tricked him into investing $22.5 million in the project, known as CMNTY Culture Campus, which he says turned out to be a “complete boondoggle” that he “has not received a single penny in return for” — while suggesting that St. John pocketed much of the money for himself.
However, a representative for St. John says in a new statement that the allegations are “categorically false.” The rep denies that St. John engaged in any self-dealing, adding that Harris is one of nine above-board investors who “knowingly signed investment agreements” to get involved in CMNTY Culture.
“Not a single dollar has been misappropriated, all investor entitlements remain intact, and the project continues to advance within the normal entitlement timeline,” says St. John’s rep in the Tuesday (Sept. 23) statement. “We will continue to take every necessary step to set the record straight and to ensure that these malicious, bad-faith attacks are recognized for what they are: entirely without merit.”
While CMNTY Culture was initially designed to house a recording studio and office space, St. John has since shifted the plans and is now developing a residential apartment complex on the same tract of land in Hollywood. According to his rep, the project is proceeding apace and “is expected to approach a $1 billion valuation” upon completion.
“While the entitlement process has naturally taken longer than initially projected due to unprecedented interest, macroeconomic conditions and significant city red tape, it remains firmly within its promised schedule and is now on the verge of securing final entitlements, an important milestone that will unlock substantial value,” adds St. John’s rep.
Thomas St. John Group has offices in Los Angeles, London, Amsterdam and Stockholm. The management firm’s U.S. arm recently filed for bankruptcy, citing hundreds of thousands of dollars in unpaid rent in L.A. and multiple pending legal actions.
One creditor listed in the firm’s bankruptcy papers is Philip Lawrence, a songwriter and producer who made his name collaborating with Bruno Mars. Lawrence used to be a client of St. John’s and at one point invested $10 million from the sale of his catalog into CMNTY Culture Campus, according to court filings in Lawrence’s own personal bankruptcy case.
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