Universal Music Group names Nicole Avant and Sherry Lansing as new board members – The Hollywood Reporter
Universal Music Group has named Nicole Avant, Sherry Lansing, William Ackman and Cyrille Bolloré to join its board of directors.
The music giant, seeking new strategic advice in the streaming space, offered its names ahead of an annual shareholders’ meeting in Amsterdam on May 12. As the world’s largest music publisher, UMG derives significant cash flow from streaming services like Spotify, Apple Music and Amazon. Music, as well as platforms like YouTube and TikTok.
In September 2021, UMG shares began trading on the Amsterdam Stock Exchange after a spin-off from Vivendi.
Avant is married to Netflix co-CEO and chief content officer Ted Sarandos, served as U.S. Ambassador to the Bahamas and produced the award-winning documentary The Black Godfather for Netflix.
Lansing is a former CEO of Paramount Pictures and President of Production at 20th Century Fox and now leads the Sherry Lansing Foundation in the nonprofit sector.
Pershing Square Capital Management CEO William Ackman is a hedge fund giant and activist investor who recently acquired 3.1 million shares of Netflix, valued at more than $1.1 billion, in a a long-term bet on the streaming arena.
Ackman’s main Pershing fund also acquired a 10% stake in UMG last year. And Cyrille Bolloré, CEO of the Bolloré Group, is another major investor in UMG.