Bill Ackman’s Pershing Square Hits a $64 Billion High Note With Bid for Universal Music

Shares of Universal Music Group pop 10 percent after takeover bid.

Bill Ackman, CEO of Pershing Square Capital, speaks at the Wall Street Journal Digital Conference in Laguna Beach, Calif., on Oct. 17, 2017. Mike Blake/Reuters

Activist hedge fund Pershing Square said on April 7 that it plans to purchase Universal Music Group—home to Billie Eilish, Lady Gaga, and Taylor Swift—to help revive the valuation of the world’s largest music label.

Pershing Square, founded by billionaire investor Bill Ackman, proposed buying Universal Music Group in a cash-and-stock deal valued at 55.8 billion euros ($64.4 billion).