Ackman Offers $10.8B for Universal Music Group

Pershing Square Capital Management has submitted a €9.4 billion ($10.8 billion) cash and stock offer to acquire Universal Music Group, according to a statement issued Tuesday. The bid represents one of the largest proposed acquisitions in the music industry this decade. Universal Music Group, which holds rights to catalogs from artists including Taylor Swift, Drake, and The Beatles, has faced pressure from investors to unlock value amid shifting streaming economics. Bill Ackman, who founded Pershing Square in 2004, has historically taken concentrated positions in companies he views as undervalued or mismanaged. The firm has previously invested in Chipotle, Hilton Worldwide, and Canadian Pacific Kansas City. The transaction, if accepted, would mark Pershing Square's first major foray into the entertainment sector. Universal Music Group's board has not yet publicly responded to the proposal. . Charlotte Hughes-Morgan, Bloomberg