If you’ve ever streamed a track on Spotify, there’s a solid chance Universal Music Group got a cut. UMG is home to an absurd portion of the music that defines pop culture — from legacy rock catalogs to the biggest names in electronic and hip-hop. And today, billionaire investor Bill Ackman wants to own the whole machine.
Ackman’s firm, Pershing Square Capital Management, formally submitted a non-binding proposal to UMG’s board to acquire all outstanding shares of the company in a deal that values the label at approximately $64.4 billion. That’s not a typo.
Under the proposal, UMG shareholders would receive €9.4…
