Wednesday 15 September 2021 8:36 am

Universal Music boss Lucian Grainge locks eyes on $150m IPO pay out

Universal Music’s stock market debut next week it set to land its boss Lucian Grainge an around $150m pay out, while he also cashes in on his Tencent investment.

The British record label mogul, who nearly died of Covid-19 last year, is to receive the $150m through a “transaction bonus”, if the listing secures a valuation of more than £40bn.

Lucian, chairman and chief executive of the world’s largest music company, also cashed in on a 10 per cent minority stake in Chinese technology giant Tencent last year – which should pull in another $20m.

In total, the record label boss is looking at a $170m minimum payday this year.

The figure is also likely to swell, as Lucian is also expected to receive a bonus from his sale of another 10 per cent stake in Universal to Bill Ackerman’s Pershing Square.

All bonuses through the initial public offering (IPO) are due to be paid by French media heavyweight Vivendi, which has owned the music giant since 2000.

Universal’s float will see it sever its ties with Vivendi, after dishing out 60 per cent of its shares to Vivdeni shareholders.

Beyond his hefty bonuses, the music mogul will receive an annual salary of some $15m, according to The Telegraph.