Universal Music Group

Kimberly Redmond | |

Billionaire investor Bill Ackman will buy up to 10% of Vivendi’s Universal Music Group (UMG) through his main hedge fund instead of a special purpose acquisition company (SPAC) after severe pushback from regulators and investors regarding the deal structure.

Under the transaction announced last month, French media giant Vivendi SE had agreed to sell 10% of Universal Music Group — which is home to Taylor Swift, Drake and Billie Eilish — to Ackman’s SPAC, Pershing Square Tontine Holdings Ltd (NYSE: PSTH), for $4 billion.