London —
Pershing Square Capital Management, founded by billionaire Bill Ackman, has offered to buy Universal Music Group, the record company behind Lady Gaga, Kendrick Lamar and Sabrina Carpenter among other artists.
The proposal was submitted alongside a “value creation plan,” the fund, where Ackman is also the CEO, said in a press release Tuesday. The complex transaction is expected to close by the end of the year, it added.
Universal Music’s stock price has “languished due to a combination of issues that are unrelated to the performance of its music business and, importantly, all of