Universal Music receives multi-billion takeover offer
Universal Music Group confirmed it has received a proposal for a potential acquisition from investment fund Pershing Square Capital Management, Qazinform News Agency reports.
According to the company’s official statement, the Board of Directors received an unsolicited and non-binding proposal and will review it together with its advisors, assessing potential implications for shareholders, employees, artists, songwriters and other stakeholders.
The company emphasized that the Board has full confidence in its current strategy and in the leadership of CEO Lucian Grainge. Universal Music Group, the giant behind such acts as Taylor Swift and Sabrina Carpenter, added that it will not provide further comment until the review process is completed.
According to foreign media reports, billionaire investor Bill Ackman has proposed to acquire the company for approximately $64 billion.
Earlier, Qazinform News Agency reported that Netflix declined to raise its bid for Warner Bros. Discovery after a competing offer from Paramount Skydance was deemed superior.