Vivendi’s Universal Music to Sell 10 Percent Stake to Bill Ackman Spac, Valuing Label at $41B+

Vivendi’s Universal Music to Sell 10 Percent Stake to Bill Ackman Spac, Valuing Label at $41B+
French media conglomerate Vivendi has finalized a deal to sell a 10 percent stake in Universal Music Group to a so-called “blank check” company set up by Bill Ackman’s hedge fund Pershing Square, valuing the music major at €35.0 billion ($41.6 billion).

Vivendi had recently said it was in talks with the financial vehicle about selling it the stake in the label, home of the likes of Taylor Swift and Lady Gaga.

Vivendi has long been planning an initial public offering of the music firm in Amsterdam by late September, and that plan is still on, with the Spac Pershing ...
See full article at The Hollywood Reporter »

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