Ackman Offers $65 Billion for Universal Music, Eyes New York Listing

Universal Music Group is the world’s largest music company, representing artists including Taylor Swift, Drake and Bad Bunny. Bill Ackman argued that UMG’s Amsterdam listing, shareholder overhang and capital structure had depressed its valuation despite strong underlying music operations. A shift to New York was intended to broaden ownership among US investors and index funds, recasting UMG as a technology-enabled media business rather than a European-listed record label.

Pershing Square Capital Management submitted an unsolicited, non-binding proposal on April 7, 2026, valuing UMG at €55.75 billion, or about $64.3 billion, and €30.40 a share — a 78% premium to its April 2 close. The plan called for a merger with Pershing Square SPARC Holdings, Nevada incorporation and a New York Stock Exchange listing. UMG’s board rejected the offer on May 29 as materially undervaluing the company; Pershing Square then sold about 80.6 million shares and exited its stake on June 4.