ValueAct takes stake in Spotify, Bloomberg reports

ValueAct Capital Management has taken a stake in Spotify, ValueAct CEO Mason Morfit disclosed during a presentation Friday at Columbia University, Bloomberg’s Liana Baker and Ed Hammond report. Morfit described the position as the firm’s "newest investment," and commented that "Spotify’s superpower was combining engineering breakthroughs with organizational abilities – it organized creators and copyright owners to build an entirely new economic model that benefited everyone involved." Morfit added that "During the boom, it applied these powers to new markets like podcasts, audiobooks and live chatrooms. Its operating expenses and funding for content exploded. It is now sorting out what was built to last and what was built for the bubble." "We welcome ValueAct as an investor in Spotify," said Adam Grossberg, a spokesman for Spotify. Reference Link