Universal Music Files For U.S. Listing To Meet Pershing Square Deal

Universal Music Group NV has confidentially filed for a U.S. listing to fulfill its agreement with Bill Ackman's hedge fund Pershing Square, according to Bloomberg. The Amsterdam-listed firm submitted documents to the SEC for a proposed offering by certain shareholders. Universal, which represents artists such as Taylor Swift, will not receive proceeds from the sale. Ackman resigned from the company’s board in May, months after pushing for a U.S. listing to raise the firm’s valuation. Universal had previously resisted efforts to move its domicile from the Netherlands or delist from Euronext Amsterdam. In March, Pershing Square-affiliated shareholders sold a 2.7% stake in Universal Music Group for over $1.5 billion.