SANTA MONICA, Calif. - Universal Music Group N.V. (EURONEXT:UMG), a global leader in music-based entertainment with a market capitalization of nearly $55 billion and impressive revenue growth of 6.5% over the last twelve months, today announced the appointment of Matt Ellis as its new Chief Financial Officer, effective June 9. According to InvestingPro data, the company maintains a "GREAT" financial health score, positioning it strongly in the entertainment industry. Ellis, who previously served as Executive Vice President and CFO at Verizon Communications, will be based in Santa Monica and report directly to UMG’s Chairman & CEO, Sir Lucian Grainge.
Ellis brings a wealth of experience to UMG, having held senior financial roles at Verizon, where he managed a debt portfolio exceeding $100 billion and annual capital spending of approximately $17 billion. His tenure at Verizon also included leading the company’s participation in spectrum auctions with investments surpassing $50 billion and overseeing significant acquisitions and divestitures. Ellis joins UMG at a time when the company operates with a moderate debt-to-equity ratio of 0.71 and demonstrates strong cash flow management, as highlighted in InvestingPro’s analysis.
The incoming CFO’s background extends beyond telecommunications, with previous positions at Tyson Foods Inc., where he played a pivotal role in regaining investment grade ratings and leading global M&A activity. His international experience is further highlighted by his early career in the UK as an accountant and auditor, before moving to the U.S. in 1997.
Ellis succeeds Boyd Muir, who was promoted to UMG’s Chief Operating Officer in October 2024. Muir praised Ellis’s understanding of global businesses and dynamic industries, expressing confidence in his ability to contribute to UMG’s ongoing growth.
Sir Lucian Grainge commented on the appointment, emphasizing the company’s aim to expand the very definition of a music entertainment company and expressing his belief that Ellis’s global perspective and financial acumen across various industries make him the ideal executive for the role.
Ellis expressed his excitement about joining UMG and contributing to the company’s commercial and financial objectives, recognizing UMG’s leadership in the market and its role in driving industry evolution.
This announcement is based on a press release statement from Universal Music Group.
In other recent news, Universal Music Group (UMG) has reported a strong performance in the first quarter of 2025, with total revenue increasing by 9.5% year-over-year to 2.9 billion euros. The company’s adjusted EBITDA also saw a rise of 10% to 661 million euros, maintaining a margin of 22.8%. Streaming and subscription revenues, which account for over half of UMG’s total sales, grew by 9.5% to 1.60 billion euros, surpassing market expectations. Recorded music revenue experienced a 10.3% increase, although merchandising revenue saw a decline of 5%. Jefferies, an investment banking firm, expressed a positive outlook on UMG’s growth, highlighting the impressive 9% growth in subscription revenue. UMG anticipates continued revenue growth with an expected 8-10% compound annual growth rate in subscription revenue through 2028. The company projects that both subscriber volume and average revenue per user will contribute to this growth, despite potential foreign exchange headwinds. UMG’s strategic focus on digital innovation and international market expansion has been pivotal in achieving these robust financial results.
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