Universal Music Group announced the completion of its first share buyback initiative on Monday, having spent approximately €499.2 million to repurchase over 26.7 million shares since the programme's launch in April. The effort came in response to management's assessment that the company's shares traded below their intrinsic value, a position supported by UMG's strong financial performance and cash generation capability.

To fund the programme, UMG liquidated half of its Spotify stake (valued at roughly $1.4 billion) and directed the proceeds toward the buyback. The company subsequently expanded its total repurchase authorisation to €1 billion after shareholders approved an additional €500 million tranche at their May annual meeting. In a separate transaction during June, UMG deployed €250 million of the expanded authorisation to purchase shares directly from Pershing Square as the activist investment fund exited its position, occurring shortly after UMG's board rejected a takeover proposal from the same party.