VIVHY - Snap gains 2% on report of license deal with Universal Music

Snap (SNAP) is up 2% premarket after setting a licensing deal with the world's largest record label group. The camera-forward social media company has a new pact with Universal Music Group (VIVHY), Bloomberg reports. The new deal spans recorded music and augmented reality experiences, the company says. And that's likely to help feed Snap's Spotlight video feature, introduced last fall as an entry into a space largely held by TikTok (BDNCE). Meanwhile, Universal Music Group has a newly interested party in Bill Ackman, whose Pershing Square Tontine Holdings (PSTH) is set to buy a 10% stake from owner Vivendi. [[PSTH]] is up 0.8% premarket.

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Snap gains 2% on report of license deal with Universal Music