The world’s largest music company, Universal Music Group, has received a takeover offer valued at approximately $64.3 billion. The deal was initiated by the American investment company Pershing Square.
Universal Music Group represents a wide catalog of artists, including Taylor Swift, Sabrina Carpenter, and Kendrick Lamar. The company also runs Abbey Road Studios and owns the EMI and Island Records labels.
Pershing Square is already a shareholder in Universal. In addition, the investment company has stakes in Google, Meta, and Amazon, as well as in Restaurant Brands International, which includes Burger King.
Universal has not yet officially responded to the offer.
Pershing Square CEO Bill Ackman announced the possible deal. Currently, Universal Music Group’s shares are listed on the Amsterdam Stock Exchange. Still, after a possible merger, they want to take the company public on the New York Stock Exchange.
After news of the possible deal emerged, Universal shares rose about 10% in early trading.