Bill Ackman's $64B Universal Music Bid

0:00On April 7, Bill Ackman and his firm Pershing Square Capital Management just dropped a massive offer to buy Universal Music Group, the label behind, Taylor Swift and Bad Bunny, and a cash and stock deal worth about $64 billion. The plan merges Universal with Pershing Squares as part holdings, a special acquisition vehicle greenlit by regulators back in 2023. The new setup would headquarter in Nevada and shift its stock listing from Amsterdam over to the New York Stock Exchange. Ackman argues the company's shares have struggled from factors outside its killer music roster. Stuff this merger can straight up fix. Investors clearly vibe with it. Universal stock popped more than 10% during mid-day trading. Shareholders stand the pocket 9.4 billion euros in cash, that's 5.5 euros per share, plus 0.77 shares of the fresh company for every universal share they hold. That prices it at 30 euros 40 cents a piece, valuing the whole thing around 56 billion euros.

1:04Pershing Square Eyes, a close by year's end, but Universal hasn't hit back yet. This could shake up the industry big time if it lands. Entertainment and celebrity news today, powered by AI bringing you what's trending.