Universal Music Group shares surge in £110m bonus for Lucian Grainge

Listing puts record label's British-born boss in line for one of biggest corporate payouts in history

• Ruthless but good ears': key architect of music industry revival
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Universal Music Group's shares surged by more than a third in its stock market debut on Tuesday, putting its chairman and chief executive, Sir Lucian Grainge, in line for a potential bonus of almost $150m (110m).

Shares in the world's largest music company, the label behind artists including Taylor Swift and Bob Dylan, rose more than 35% to 25 a share in early trading, giving the business a market value of more than 45bn (38bn).