In 2021, Bill Ackman bought 10% of Universal Music Group from Vivendi for approximately $4 billion — even before the company's listing on Euronext Amsterdam. By the end of 2023, his stake remained at 10.25%. Today, Pershing Square is exiting UMG through the sale of 80.6 million shares via an overnight placement at €17.66–€18.62 per share — totaling approximately €1.5 billion. In parallel, UMG itself repurchased €250 million worth of its own shares from Pershing Square at the lower end of the range — €17.66.
From shareholder — to buyer — back to zero
In April 2026, Ackman proposed acquiring UMG for ~€55.8 billion ($64.4 billion). The board of directors rejected the offer, calling it one that "fundamentally and materially undervalues the company." But the real decision was not made by the board.
"We believe the price is absolutely insufficient"
Cyrille Bolloré, Chairman and CEO of Bolloré Group, at the annual shareholders' meeting in Paris, May 28, 2026
Bolloré Group controls approximately 32% of UMG — directly (18.4%) and through Vivendi (13.4%), which in turn holds 13.4% of the company. To approve the deal, support from two-thirds of shareholders was required, and Bolloré held effective veto power. Ackman himself said: without the Bolloré family, there would be no deal.
How his position eroded
- Early 2025: Pershing Square distributed 47 million shares (2.6% of UMG) among co-investors during the liquidation of one of its funds.
- March 2025: another ~50 million shares (2.7%) sold for approximately $1.4 billion.
- May 2025: after his stake fell below 5%, Ackman left UMG's board of directors, citing "new commitments."
- June 2026: sale of remaining stake — 80.6 million shares (4.7%) through Bank of America.
As Crypto Briefing notes, the acquisition attempt itself could have been "Ackman's last chance to reformat relations on his own terms": instead of continuing to watch share prices stagnate as a minority shareholder, he tried to buy everything. It didn't work out.
What UMG offered instead
After Pershing's proposal was announced, UMG responded with its own measures: it promised to monetize half of its Spotify stake and expand its buyback program, as well as improve financial transparency for the market. This was a response to Ackman's criticism of inefficient capital allocation, but without changing ownership.
It's worth noting that while Pershing is exiting, another activist fund — Independent Franchise Partners — quietly acquired approximately 3% of UMG in early 2026. According to Music Business Worldwide, despite the deal being blocked, Cyrille Bolloré did not rule out the possibility of selling "a few percent" of the company — at the right price.
If UMG fails to deliver on its promises regarding buybacks and Spotify monetization by the end of 2026, new activists will have a ready-made argument for the next push against management.
