Universal Music Group (UMG) has spent more than $500 million (around €487.7 million) on its first-ever share buyback programme, with the initiative now roughly 97.5% complete. The company began repurchasing its own shares in April as a way to return value to shareholders amid what its chief financial officer described as a "meaningful dislocation" between UMG's market valuation and its underlying performance, while still preserving funds for growth investment, dividends and credit ratings.

To date, UMG has bought back 26,073,074 shares under the €500 million (about $570 million) programme, including 50,062 shares purchased between 13 and 17 July at an average price of €18.43 each, costing roughly €922,715. Only about €12.3 million of the budget remains, with the scheme due to conclude by 1 October at the latest. This initial buyback is only the first stage of a larger €1 billion authorisation approved by shareholders in May, part of which UMG already used in June to buy €250 million of shares directly from Bill Ackman's Pershing Square as the fund exited its stake; UMG reports second-quarter results on 30 July.