Quick: What is the opposite of Schadenfreude? If you are unfamiliar with this proto-Germanic term, please see previous post, here. Now, what do you think? Not so easy to come up with it in a single word, is it? The Buddhists have a pretty good approximation with the term “mudita.” You can see a discussion of various alternatives, here. The best I could come up with on the spur of the moment was “vicarious pleasure.”
In any case, whatever you call it, that’s what I’m experiencing today on behalf of Sir Lucian Grainge, Chairman of Universal Music Group (UMG). Thanks to the UMG IPO, he is a couple of hundred million dollars richer than he was yesterday. Since I am unlikely to see a payday this large any time soon – or indeed, EVER – just allow me to say, “Congrats, man.” And thanks for allowing me the vicarious pleasure of posting on your behalf. Excerpt from yesterday’s Rolling Stone article is below. Or, you can read the full article here.
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Guess what music industry gossips couldn’t wait to discover within the pages of Universal’s listing prospectus last week? Of course: The details of the monetary compensation of Sir Lucian Grainge, the L.A.-based British exec who has led UMG as global CEO and chairman for the past decade.
Here goes, then: Grainge is getting a $150 million bonus for his troubles post-listing, plus 1 percent of whatever valuation Universal achieves above $30 billion. (So if UMG hits a $40 billion market cap, Grainge will get an additional $100 million; if it hits $50 billion, he’ll get another $200 million, and so on.)
This is in addition to a bonus Grainge has already received this year of approximately $20 million related to the acquisition earlier this year of 10 percent of UMG by a consortium led by Tencent — and in addition to other bonuses related to Pershing Square’s recent buyout of 10 percent of UMG.
In short, there’s a good chance that Grainge will pocket bonuses from UMG worth over $200 million this year. And it’s plausible this figure could even soar up beyond $300 million.
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Oh, you know: Sir Lucian with Taylor, with Billie, and with…Sir Elton and Lady Gaga!
