US investment firm Pershing Square has made a $64.3 billion takeover offer for Universal Music Group (UMG), the world’s largest music company.
The deal, led by billionaire Bill Ackman, would see UMG merged into a new entity listed on the New York Stock Exchange.
Pershing Square already holds a stake in UMG and also owns significant positions in Google, Meta, Amazon, and Restaurant Brands International.
The offer includes €9.4 billion in cash and shares, valued at €5.05 per share.
UMG, home to artists like Taylor Swift, Kendrick Lamar, and Sabrina Carpenter, operates Abbey Road Studios and owns iconic labels including EMI and Island Records.
Ackman credited UMG’s leadership for building a top-tier artist roster and strong business performance but said the company’s stock price has suffered due to external factors, including uncertainty over Bolloré Group’s 18% stake.
UMG shares rose 11% in early trading following the announcement. The company has not yet commented.
Pershing Square's proposal marks one of the largest leveraged buyouts in recent entertainment industry history.