UMG stock price soars after Bill Ackman offers to buy the music giant behind Taylor Swift and Bad Bunny
Universal Music Group saw its shares (AMS: UMG) rise more than 11% on Tuesday, following a proposal from billionaire Bill Ackman to buy the music giant through his investment firm Pershing Square Capital Management. Pershing Square currently owns a 10% stake in Amsterdam-listed UMG. Despite today’s bump, the stock is down about 15% year to date. UMG has an extensive music catalogue and is home to major recording artists such as Taylor Swift, Bob Dylan, and Bad Bunny. ...
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