Universal Music Buys Back $290 Million Stake from Ackman's Pershing Square

By Adria Calatayud

Universal Music Group said it bought back 250 million euros ($289.9 million) of its own stock from Bill Ackman's Pershing Square as the hedge-fund firm exited the world's largest music company after two failed takeover attempts.

The music label behind artists such as Taylor Swift and Billie Eilish said Thursday that it bought 14.2 million shares at 17.66 euros, an 8% discount to its closing price on Wednesday. The repurchase was conducted as part of an existing 500 million-euro buyback program, Universal Music said.

Ackman's firm sold a stake in Universal Music valued at well over $1.5 billion and expected to make at least $600 million in profits, The Wall Street Journal reported.

The move came shortly after Universal Music turned down Ackman's roughly $65 billion acquisition bid, which faced opposition from the music group's largest shareholder, France's Bollore Group.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

06-04-26 0323ET