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Universal Music Shares Soar in Market Debut

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Shares of Universal Music Group NV—the music giant behind stars including Taylor Swift, Drake and the Beatles—surged in their trading debut, representing a strong vote of confidence among investors in a resurgent music industry.

The company's stock rose 36% above a reference price set Monday evening by the Euronext exchange in Amsterdam, where Universal shares made their debut Tuesday. French media conglomerate Vivendi SE had for years teased a spinoff of Universal, the world's largest music company.

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