• Who Is Bill Ackman, UMG's New Anchor Investor?

    20 days ago - By Billboard

    Investor and hedge fund manager Bill Ackman has made and lost billions making bold risk. He famously lost a billion-dollar bet shorting shares of Herbalife, was called an a-hole by now-President Joe Biden following a joke gone awry at a high-end Las Vegas dinner in 2017 and commands a cult-like reverence from some retail investors who call their unflinching belief in his investment strategy “hopium” because of his basic-to-the basics approach to growth investment.
    After months of signaling his plans to make a large investment through his special purpose acquisition company Pershing Square...
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  • Universal Music's New U.S. Investor: Bill Ackman SPAC Closing In On 10% Stake

    20 days ago - By Billboard

    Universal Music Group is landing another anchor investor for its debut as a publicly traded company later this year through a new deal with Pershing Square Capital Management's special purpose acquisition company , which is negotiating to buy a 10% stake in UMG, according to the Wall Street Journal. The company is run by investor and hedge fund manager Bill Ackman .
    UMG's parent company Vivendi has been planning to publicly spin off the music company since last year, and it's now looking like that will happen before the end of the third quarter.
    The Pershing deal is not done yet, according...
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