Ackman’s Pershing Square makes $64B bid for Taylor Swift label Universal Music Group

Please subscribe to IBJ to decode this article.

iiasPremc olig nac igwsni rC anou rx ci$yssnqiiai sMgaonte stprlbour mrTvvcsetnis,ucyeaa i.t pn -ifeeaGi'a alc moBklno Bca f nlAtaai6tbaarn sBu4vt'Us Mtitllovmh ahiu,rd pkpa nncuhSslata duSyeoAfardlrn-eetepts s enoaldlin

emib yauctgoviwoi sea wo ophgh uHp dsie scie Ecd dStsi tgno,aeatoevc noauiiPqlirdneSqie ptcnmam bohgeu o0lcAbnre nl iovnvde2nd n vmne hh tme ie. MulrsnwnspgamatlgaarmnieuSsNdctigso Yl nernornRs xoi tduwana toe 3eriPo siklegseSynom hikedlim l d akifsegnnrx aa.spE TUcwaCs soiCphirNoethnyv2cctP rdand A

ey niieemaaioek i,ottcMcrteatngn aibscAi rohslhata ffheudashodeUoldtdrnanraea tf lo r iocu“oi btmdwse dusertsaui hnso cfutpcpds utenneyaass n nitah”oadco mm ssen’ss aaeep n.em ,t ssricn sn Tkr i t ml tmalihiGbsetan auetsttod

lstibseu5o d4tkaMassrnl..c lrse p eao h.xi un papana taos3ta2stfonrir tae eTep dhs nolrhe hu1snr '- 5a.ehes3eutauabyd6,v csieilaaU h s$es li t iodvtml0et-roaistsotv uda e es mcTroiltg 0otau

vsnah h.so Us soewari ieMalrt e atm esidyil sorr cs w.ufh7snkn see0uii ietr rhcoe 0rvast.apsrul4 c5landocyrro Mepclh5 ho alh c lane rubnev f)'s h(c.eyaeieos odnftoro 7 rhUrwec ssthn iaaeeele9

te tt mynor ndoMueer cqtui fri lerasess dn mt dmpoo sUcn.aliidevam ieo

oyanairodh nigthrec ayeSirTnnpe ra c.t a qoceopnpi i oshena ds hosoue s tgttct lteft,bs ierode Preadc

acfOe dn ee ot,tso syiit AsctltS drr, sn a mretlheiU ia,rPieea eauban t,a lankMh.Mtn,scrElosul ShiiiDeiaid rC hnlwpl ciCdlasesrya nro,rasoiel daciTsna y tadkvlHLaehpnt, l adrWrBisrrdesnGAaee,K a ren k

ei ecct ylide l mra ainn2 ,os layhottu ettucr%uxweaitn.m lre cwo1afUaEen muear icYsoqmuwSAli1chn pp t oEs r ishgson p h2eackiecfu q ae n ths rase Iwatuhit oe.cgoeeaftlae iiknseho ul anmekd oan iucu- ovpo A k n i tnvtrmScrtesaodtdl Asa no m0 vweerhihwbchNd aC0uke rf ustMdswu i t ahhotltqakae

ersveolh idsUa rdormidfr am.maAerdann0 1stnynio hat gi% teS msri n ae