Music Production

Kimberly Redmond | |

French media giant Vivendi SE has agreed to sell 10% of Universal Music Group (UMG) to Pershing Square Tontine Holdings Ltd (NYSE: PSTH), a special purpose acquisition company (SPAC) backed by billionaire investor William Ackman, for about $4 billion.

The deal — which values the music company at more than $42 billion — is expected to close by September 15, Vivendi said on Sunday.

Reuters | |

Billionaire William Ackman's Pershing Square Tontine Holdings is in talks to buy 10% of Universal Music Group for around $4 billion, the latest investor to join the fray as the label's owner Vivendi's cashes in on its prize asset.

Vivendi, controlled by French billionaire Vincent Bollore, has benefited from growing streaming revenues at the world's biggest music label, which is behind artists such as Taylor Swift and Lady Gaga.