Universal Music Group's $64B Takeover Bid

0:00It's April 7th. I'm Corey with The Story. This is Global News, driven by AI and built for a global audience. Universal Music Group just landed a huge takeover bid from Pershing Square, clocking in at about $64 billion. The music powerhouse behind stars like Taylor Swift, Kendrick Lamar, and Sabrina Carpenter could merge with the investment firm and re-list on American. Pershing Square, run by billionaire Bill Ackman, already owns a piece of universal and invests in giants like Google, Metta, Amazon, and even Burger, King's Parent Company. Ackman sent a letter praising Universal's team for building a killer artist lineup in strong results. But he says the stock has been stuck in neutral, dragged down by stuff outside the music bizz, like worries over an 18% stake held by. Another big investor, and delays in going public stateside, the offer mixes cash and shares, shareholders would pocket 9.4 billion euros total, or 5 euros, 5 cents per share, then get

1:03stock in. The new setup on the New York Stock Exchange, Universal's board now weighs this game changer, with the music world watching to see if it flips the script on their future.