Universal Music Group’s Board of Directors has unanimously rejected an unsolicited $64 billion takeover proposal from Bill Ackman’s Pershing Square Capital Management, saying the offer “fundamentally and materially undervalues” the company and is not in the best interests of UMG, its shareholders, artists, songwriters, employees, and other stakeholders.
The non-binding proposal was received on April 7, 2026. After a thorough review with outside financial and legal advisors, the Board determined it would not deliver superior value creation. The Board cited strong support from shareholders and stakeholders for its decision.
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| Sherry Lansing |
Sir Lucian Grainge, Chairman and CEO of UMG, added: “We remain committed to leading the industry by attracting the world’s top talent, deepening fan engagement globally, and driving innovation. Central to that mission is fostering an environment that champions human creativity, protects artists, songwriters, and entrepreneurs, and expands opportunities for growth and success.” He noted plans to provide shareholders with greater insight into the company’s performance and future direction.
The decision comes as UMG continues initiatives such as its share buyback program, plans to monetize part of its Spotify equity stake, and enhanced financial disclosures. The company has led the music industry in recorded music and publishing market share while posting strong revenue and EBITDA growth since its 2021 listing.
Major shareholder Bolloré Group had also publicly urged rejection of the bid in recent days, calling the price too low.