Universal Music is landing another anchor investor through a new deal nearing completion with Bill Ackman's Pershing Square Capital Management company's SPAC
A view of the Universal Music Group headquarters is seen on Feb. 9, 2021 in Santa Monica, Calif.
The investor and hedge fund manager's Pershing Square Capital Management is making a play at a UMG share based on a $40 billion valuation, the Wall Street Journal reports. Universal Music Group is landing another anchor investor for its debut as a publicly traded company later this year through a new deal with Pershing Square Capital Management’s special purpose acquisition company , which is negotiating to buy a 10% stake in UMG, according to theUMG’s parent company Vivendi has been planning to publicly spinoff the music company since last year and its now looking like that will happen before the end of the third quarter.
If this deal closes, Vivendi’s current shareholders would hold a combined 60% stake in UMG, Tencent Music Entertainment would own 20%, the Pershing Square SPAC would own 10% and Vivendi would retain 10%.
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