Bill Ackman to Sell $290.5 Million in Stock Back to Universal Music After Rejected Takeover Offer

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Universal Music is buying back $290.5 million worth of its own stock from Bill Ackman's Pershing Square Capital Management, acquiring over 14.2 million shares. The repurchase comes immediately after the world's largest record company rejected Ackman's takeover proposal. Ackman has been a vocal critic of Universal Music's market practices and artist compensation, using his platform to push for changes in the music industry. The buyback signals Universal's confidence in its valuation while giving Ackman an exit from a position he's held while mounting public pressure on the company.