Universal Music Group could become the latest company to face an embarrassing shareholder revolt this AGM season, after an influential advisory firm urged investors to reject an “excessive” €139m (£119m) payout for its chief executive, Lucian Grainge. Glass Lewis said it had “severe reservations” about supporting the Dutch-American music company’s pay decisions, which included a €92m share-based bonus for its British-born CEO that easily made up for a 51% cut in his salary, to €7.5m. – Guardian
An aura of mystery continues to linger over whether the biggest of Darktrace's shareholders are prepared to support Thoma Bravo's £4.2bn takeover. Among those is Mike Lynch, who is currently facing trial in the US over fraud claims linked to executive search software outfit Autonomy. Also unclear is the position of the Darktrace Employee Benefit Trust, which owned just under 8% of the company's shares. The trust is managed by Equiniti, which has nothing to do with the decision. - The Financial Mail on Sunday
Paramount Global’s share price soared on Thursday following a report that Sony Pictures and Apollo Global Management had made a $26bn offer for the troubled media giant. According to the Wall Street Journal, the offer was made on Wednesday by Sony’s chief executive, Tony Vinciquerra, and Aaron Sobel, a partner at Apollo. Paramount’s shares rose 12% on the news. – Guardian
Online gamblers who lose £500 or more a month are to face extra checks from August, the regulator has confirmed, as part of a large package of measures aimed at protecting the most vulnerable customers. The extra checks come in from 30 August, and the threshold for qualifying will fall to £150 of online betting losses a month from 28 February next year, the Gambling Commission said. – Guardian
Amazon profits soared once again in the first quarter of 2024, the company announced on Tuesday – the latest in a series of robust earnings reports for the retail giant. The company attributed the boost to artificial intelligence and advertising sales. Amazon reported overall revenue of $143.3bn in the first three months of the year – up 13% from the same period in 2023 and surpassing Wall Street expectations of $142.65bn. The e-commerce giant reported an increase of more than 200% to $15bn, with net income more than tripling to $10.4bn from $3.17bn at the same time in 2023. – Guardian