Ackman's Pershing Square makes $64B bid for Taylor Swift label Universal Music Group
ABC News • • business
Key Points:
- Bill Ackman's Pershing Square Capital Management has proposed a $64 billion cash-and-stock acquisition of Universal Music Group, which represents artists like Taylor Swift and Bad Bunny.
- The deal involves merging Universal Music with Pershing Square SPARC Holdings, a special acquisition company approved by the SEC in 2023, with plans to relocate the new company’s stock listing from Amsterdam to the New York Stock Exchange.
- Universal Music shareholders would receive 9.4 billion euros in cash plus 0.77 shares of the new company for each Universal share they own, valuing Universal Music at approximately 56 billion euros.
- Ackman stated that Universal Music’s stock price has been impacted by factors unrelated to its music business performance, all of which he believes can be addressed through this transaction.
- The deal is expected to close by the end of the year, and Universal Music shares surged over 10% in Amsterdam trading following the announcement.
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