Universal Music Group Rejects Bill Ackman's $64.3bn Takeover Bid
Universal Music Group, the world's largest music company behind Taylor Swift, Sabrina Carpenter, and Kendrick Lamar, has rejected a $64.3bn takeover offer from billionaire Bill Ackman's Pershing Square. The board stated the bid "fundamentally and materially undervalues" the business, which includes Abbey Road Studios and labels EMI and Island Records. Pershing Square, already a stakeholder, declined to comment. The April bid aimed to relist Universal on a US exchange from Euronext Amsterdam. Ackman had criticized an 18% stake held by Bolloré Group and a delayed NYSE listing. Cyrille Bolloré opposed the offer. Universal's CEO Sir Lucian Grainge affirmed confidence in the company's strategy, promising enhanced financial disclosures. The rejection comes amid industry debates over streaming royalties and AI-generated deepfakes.
Key facts
- Universal Music Group rejected a $64.3bn takeover offer from Pershing Square.
- Pershing Square is led by billionaire Bill Ackman.
- Universal owns Abbey Road Studios, EMI, and Island Records.
- The bid was made in April and aimed to list Universal in the US.
- Universal is currently listed on Euronext Amsterdam.
- Bolloré Group holds an 18% stake in Universal and opposed the offer.
- CEO Sir Lucian Grainge reaffirmed the company's strategy.
- The music industry faces challenges from streaming royalties and AI deepfakes.
Entities
Artists
- Taylor Swift
- Sabrina Carpenter
- Kendrick Lamar
Institutions
- Universal Music Group
- Pershing Square
- Abbey Road Studios
- EMI
- Island Records
- Bolloré Group
- Euronext Amsterdam
- New York Stock Exchange
Locations
- Amsterdam
- Netherlands
- New York
- United States