Pershing Square moves to buy Universal Music in $64B deal

Activist investor Pershing Square plans to buy Universal Music Group, the company behind Lady Gaga, Taylor Swift, Kendrick Lamar, and Sabrina Carpenter, among other artists, in a $64.4 billion (55.8 billion euros) cash-and-stock deal.

Pershing Square CEO Bill Ackman praised UMG’s management for building a world-class artist roster and strong business performance, but said the stock has underperformed due to factors unrelated to its music operations—issues the deal would address.

UMG confirmed it received the unsolicited, non-binding proposal. Under the plan, the companies would merge and list on the New York Stock Exchange, with the deal expected to close by year-end.