The American investor Bill Ackman is responding to concerns of the US Securities and Exchange Commission and is rolling out his multi-billion dollar deal with one of the largest music labels in the world, Universal. According to Monday, Ackman now wants to invest through his hedge fund instead of holding a stake through his stock market jacket (Spac) Pershing Square Tontine. The goal is still to acquire up to 10 percent of Vivendi's subsidiary, with which artists such as Taylor Swift, Billie Eilish, Drake and Lady Gaga are under contract.
Initially, the billionaire had planned to get into Universal Music through his Spac, but thus called the SEC on the plan. The regulator had expressed concern that the deal might not comply with the rules. Details are not known. Ackman cited the complexity and structure of the transaction. Originally, Ackman wanted to buy 10 percent for $ 4 billion, which would have valued Universal Music at $ 35 billion.
The music label, based in Santa Monica, California, is scheduled to go public in Amsterdam at the end of September, which gives Vivendi the opportunity to cash in.
The Paris-based media group owns 80 percent of Universal Music, the rest is in the hands of a consortium led by Chinese technology giant Tencent.
According to earlier information, 60 percent of the universal capital will go into the hands of shareholders in the planned IPO.
Pershing Square Tontine rose to be the biggest ever space last summer when it raised $ 4 billion.
Now the Spac wants to look for another company that could slip under its shell.