Shares in Universal Music Group rose after the music label said it signed a multiyear agreement for recorded music and music publishing with Spotify. Shares in Universal Music were 6.2% higher at 25.73 euros in early European trading on Monday.

The new publishing agreement establishes a direct license between Spotify and Universal Music Publishing Group.

Universal Music Group (UMG) , the world's biggest music label, and Swedish streaming giant Spotify have reached a new multi-year agreement for recorded music and music publishing, they said on Sunday.

Universal Music Group NV and Spotify Technology SA reached a new multiyear distribution agreement that includes compensation for recorded songs and publishing rights.

Spotify and Universal have reached a multi-year publishing agreement, which will see new subscription tiers and a richer content catalogue.

Universal Music Group, the world’s largest music company, and streaming behemoth Spotify yesterday announced a multi-year direct deal that will affect

Spotify and Universal Music Group (UMG) have signed a new multi-year agreement for recorded music and music publishing. The partnership, which is focused on growth and innovation, will help "the advancement of artists' and songwriters' success."

Spotify (SPOT) and Universal Music Group (UMGNF) entered a new multi-year agreement aimed at enhancing the music streaming experience for both artists and consumers.