Pershing Square SPAC Exits Universal Music Deal

Universal Music Pershing FILE - In this Nov. 12, 2019 file photo, billionaire investor William Ackman appears for a speech at the Economic Club of New York at the New York Hilton Midtown in New York. (AP Photo/Andrew Harnik, File) (Andrew Harnik)
Universal Music Pershing FILE - In this Nov. 12, 2019 file photo, billionaire investor William Ackman appears for a speech at the Economic Club of New York at the New York Hilton Midtown in New York. (AP Photo/Andrew Harnik, File) (Andrew Harnik)
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Pershing Square SPAC Exits Universal Music Deal

Universal Music Pershing FILE - In this Nov. 12, 2019 file photo, billionaire investor William Ackman appears for a speech at the Economic Club of New York at the New York Hilton Midtown in New York. (AP Photo/Andrew Harnik, File) (Andrew Harnik)
Universal Music Pershing FILE - In this Nov. 12, 2019 file photo, billionaire investor William Ackman appears for a speech at the Economic Club of New York at the New York Hilton Midtown in New York. (AP Photo/Andrew Harnik, File) (Andrew Harnik)

Billionaire Bill Ackman is walking away from a deal announced last month that would have given him a 10% stake in Universal Music Group, the label that is home to Taylor Swift, Billie Eilish, Lady Gaga, and the Beatles.

In a letter Monday to shareholders of his investment fund, Pershing Square, Ackman cited questions from the Securities and Exchange Commission about whether the structure of a special-purpose acquisition company would allow such an acquisition under the rules of the New York Stock Exchange, The Associated Press reported.

Vivendi SA last month confirmed that its Universal Music Group was in talks to sell a 10% stake to Pershing's special-purpose acquisition company, or SPAC, in a deal that would value the record label at about $40 billion. The 10% stake would have gone for around $4 billion.

A SPAC is typically a group of larger investors who raise money for acquisitions and then seek out acquisition targets. The deal announced by Ackman last month was unique because unlike a rush of SPACs that have rolled out this year, the intent was not to merge with Universal, but to take a stake in the company that had already announced plans to go public.

On Monday, Vivendi Vivendi said that it had instead approved the acquisition of as much as 10% of Universal by funds associated with Ackman.

Ackman's SPAC, called Pershing Square Tontine Holdings Ltd., now has 18 months left to close a new transaction, unless shareholders vote for an extension. Ackman said that because of the experience with the proposed Universal Music transaction, its next business combination would be structured as a conventional SPAC merger.



Unreleased Beyonce Music Stolen From Car in Atlanta

FILE - Beyonce, left, accepts the Innovator Award during the iHeartRadio Music Awards, April 1, 2024, at the Dolby Theatre in Los Angeles. (AP Photo/Chris Pizzello, File)
FILE - Beyonce, left, accepts the Innovator Award during the iHeartRadio Music Awards, April 1, 2024, at the Dolby Theatre in Los Angeles. (AP Photo/Chris Pizzello, File)
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Unreleased Beyonce Music Stolen From Car in Atlanta

FILE - Beyonce, left, accepts the Innovator Award during the iHeartRadio Music Awards, April 1, 2024, at the Dolby Theatre in Los Angeles. (AP Photo/Chris Pizzello, File)
FILE - Beyonce, left, accepts the Innovator Award during the iHeartRadio Music Awards, April 1, 2024, at the Dolby Theatre in Los Angeles. (AP Photo/Chris Pizzello, File)

Computer drives containing unreleased music by US superstar Beyonce and plans related to her concerts were stolen last week in Atlanta, police said Monday, with a suspect still at large.

The items were stolen from a rental car used by Beyonce's choreographer and a dancer on July 8, two days before the pop icon kicked off the Atlanta leg of her "Cowboy Carter" tour, a police incident report said, according to AFP.

Choreographer Christopher Grant, 37, told police that he returned to the car to find its rear-window smashed and their luggage stolen.

Inside were multiple jump drives that "contained water marked music, some un-released music, footage plans for the show, and past and future set list (sic)," the report said.

Also missing were an Apple MacBook, headphones and several items of luxury clothing.

Police investigated an area where the MacBook and headphones had pinged their location, but the report did not mention any items being recovered.

Atlanta Police said in an online statement that a warrant had been issued for an unnamed suspect's arrest, but that the suspect remained at large.

The "Cowboy Carter" tour kicked off in April after the global superstar took home her first "Album of the Year" Grammy for the 2024 album.

The sweeping country-themed work saw Beyonce stake out musical territory in a different genre from much of her previous discography.

The ambitious, historically rooted album also aimed to elevate and showcase the work of other Black artists in country music, whose rich contributions the industry has repeatedly sidelined.

As her stadium tour to promote the album winds down, Beyonce ended her four-night stint in Atlanta on Monday, with two final performances set for late July in Las Vegas.