Universal Music is selling half its Spotify stake to fund a doubled share buyback

First-quarter revenue held flat at €2.9 billion as a weak U.S. dollar offset 8.1% constant-currency growth

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Plans to divest half of its Spotify $SPOT shareholding and expand its buyback authorization to €1 billion headlined UMG's first-quarter announcement, with reported revenue flat at €2.9 billion as the weaker U.S. dollar erased underlying gains, the company said.

In constant currency, revenue grew 8.1% in the quarter ended March 31. On a constant-currency basis, adjusted EBITDA improved 3.9%, though the reported........

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