On Frtiday, William Ackman’s blank-check firm Pershing Square Tontine Holdings (PSTH) confirmed that it was negotiating a purchase of a 10% stake in Universal Music Group, which is being spun-off by France’s Vivendi for around $4 billion.

Vivendi is planning to cash in on its UMG crown jewel, the world’s biggest music label with artists such as Taylor Swift, by spinning off the entity to existing shareholders. “Universal Music Group is one of the greatest businesses in the world,” said PSTH’s CEO Bill Ackman.

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