Oct 26 (Reuters) – Universal Music Group held preliminary discussions with private equity firms earlier this year about going private, Bloomberg News reported on Monday, citing people familiar with the matter.
• The music label’s management held preliminary talks with private equity firms including Apollo Global Management, TPG and Blackstone, according to the report
• Talks have not progressed and Universal has not started a sale process, the report said, adding that the company’s board is aware of the discussions
• Universal, Apollo Global Management, TPG and Blackstone did not immediately respond to Reuters’ requests for comment
• The report comes months after Universal’s board unanimously rejected an unsolicited takeover proposal from Bill Ackman’s Pershing Square Capital Management
(Reporting by Abu Sultan in Bengaluru; Editing by Diti Pujara and Shreya Biswas)
Comments