Pershing Square Sells $1.5 Billion UMG Stake Before US Listing, Ackman Remains Strongly Bullish
Bill Ackman's Pershing Square has sold a 2.7% stake in Universal Music Group (UMG) for approximately $1.5 billion, representing about 50 million shares at €26.60 each, ahead of UMG's planned US secondary listing.
Businessman raising hand gesturing upward
Photo Credit: Pershing Square's Bill Ackman, Senate Democrats / CC by 2.0
Despite the sale, UMG remains Pershing Square's largest position at approximately 17% of its portfolio, down from 27%. Pershing Square maintains a 7.6% stake in UMG's outstanding shares, which it initially acquired from Vivendi in 2021 before UMG's Euronext Amsterdam listing.
The sale precedes UMG's planned US exchange listing, expected by September 2024. This move toward dual listing follows Ackman's decision to delist Pershing Square from the Amsterdam exchange after the attack on Israeli soccer fans in Amsterdam.
Ackman expressed strong confidence in UMG's performance and management, stating on X: "In a world of uncertainty, owning a royalty on music with the best management team in the industry is a blissfully comfortable and profitable place to be." He particularly praised CEO Lucian Grainge and the UMG team for their exceptional growth management.
Businessman checking phone with charts
Genius announces music distribution partnership
3D blue AI logo
Related Articles
Legendary Reggae Artist Cocoa Tea Dies at 65 After Cardiac Arrest in Florida
