Billionaire investor Bill Ackman’s hedge fund, Pershing Square Capital, is planning to buy Universal Music Group (UMG), the world’s largest music company, which represents artists including Taylor Swift, Bad Bunny, Bob Dylan, and the Beatles.
The $64 billion pitch announced Tuesday is Ackman’s latest move to turn Pershing into a “modern-day” Berkshire Hathaway and make him the next Warren Buffett. Pershing currently controls 4.6% of UMG shares. The deal would merge UMG and Ackman’s Pershing Square SPARC Holdings as a joint entity to be listed on the New York Stock Exchange by the end of the year.
“The company’s management have done an excellent job nurturing and continuing to build a world-class artist roster…
