Music giant Universal gets $64bn takeover offer

Music giant Universal gets $64bn takeover offer9 minutes agoShareSaveAdd as preferred on GoogleJemma CrewBusiness reporter Getty ImagesTaylor Swift is one of the music artists signed to Universal Music Group Universal Music Group, the entertainment giant behind acts such as Taylor Swift, Sabrina Carpenter and Kendrick Lamar, has received a takeover offer estimated to be worth $64.3bn (£48bn).US investment company Pershing Square is offering to buy Universal in a merger that would see the new company listed in America, its billionaire chief executive Bill Ackman said.As well as representing a huge list of artists, the world's largest music company also runs Abbey Road studios and owns labels such as EMI and Island Records. Pershing Square, which already owns a stake in Universal, also has holdings in Google, Meta and Amazon, as well as Restaurant Brands International, which includes Burger King.In a letter to UMG's board of directors on Tuesday, Ackman said its management had "done an excellent job nurturing and continuing to build a world-class artist roster and generating strong business performance". But he said its stock price had "languished" due to issues unrelated to the performance of its music business, which could all be "addressed with this transaction".He blamed a variety of factors, including uncertainty around Bolloré Group's 18% stake and its US listing being postponed.If the deal goes ahead, UMG shareholders would receive €9.4 billion in cash (or €5.05 per share) and shares in the new body, which would be listed on the New York stock exchange.UMG shares were up about 11% in early trading. The company has been approached for comment. Taylor Swift and Drake music giant files to sell shares in USTikTok and Universal settle music royalties disputeCompanies