Universal Music repurchases 250 million euros worth of Pershing Square shares

Universal Music Group announced that it has repurchased 250 million euros in its own shares from Pershing Square, manager of billionaire Bill Ackman, which thus ends its position in the largest music company in the world after two unsuccessful acquisition attempts.

The record label, which brings together artists such as Taylor Swift and Billie Eilish, reported this Thursday (4) that it had acquired 14.2 million shares at 17.66 euros each, with an 8% discount compared to Wednesday's closing price (3).

The operation was carried out within the scope of the 500 million euro buyback program already underway, according to the company.

According to The Wall Street Journal, Pershing Square sold a stake valued at well over $1.5 billion and is expected to profit at least $600 million.

The move comes shortly after Universal Music rejected Ackman's approximately $65 billion purchase proposal, which faced opposition from the group's largest shareholder, the French conglomerate Bolloré.

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Source: CNN