Ackman`s Pershing Square unit confirms talks to buy 10% of Universal Music Group
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PARIS - Billionaire investor William Ackman's blank-check firm Pershing Square Tontine Holdings (PSTH) confirmed on Friday it was in talks to buy 10% of Universal Music Group, which is being spun-off by France's Vivendi, for around $4 billion.
Vivendi, controlled by French billionaire Vincent Bollore, is planning to cash in on its UMG crown jewel, the world's biggest music label with artists such as Taylor Swift, by spinning off the entity to existing shareholders.
"Universal Music Group is one of the greatest businesses in the world," said Bill Ackman, CEO of PSTH.
