Bill Ackman offers to purchase Universal Music Group for $64 billion

Billionaire financier Bill Ackman’s investment firm offered Tuesday to purchase the Universal Music Group for $64 billion and move the company’s stock market listing from Amsterdam to New York City.Ackman, whose company Pershing Square Capital Management bought shares in Universal for $40 billion in 2021, said the offer has nothing to do with the company’s music business decisions but that it has a weaker stock price because it does not have a listing in the U.S. and uncertainty regarding the French conglomerate, the Bolloré Group, will do with its stake in the company.
The billionaire proposed keeping Universal Music’s CEO Lucian Grainge in his current position while installing former Disney CEO Michael Ovitz as chairman of the board and adding two representatives from Pershing Square to the board.
Ackman further suggested the multi-billion dollar deal could close by the end of the year if certain conditions were met, including approval from two-thirds of Universal Music shareholders who attended a meeting on the potential acquisition. 
“We look forward to working expeditiously with the company to consummate this highly value-creating transaction,” Ackman said.
Universal Music Group is home to some of the biggest artists in the United States, including Taylor Swift, Bad Bunny and Kendrick Lamar. 
Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.

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