Ackman's Pershing Square steers clear of music in $5 billion investment spree

Pershing Square disclosed six new investments on August 12 — Visa, Mastercard, Netflix, S&P Global, Intercontinental Exchange and Alcon — none in music. The $5 billion deployment follows Ackman's April 2026 takeover bid for Universal Music Group, valued at $64 billion, rejected by UMG's board in June as one that "fundamentally and materially undervalues" the company. Pershing Square then sold its remaining ~80.6 million UMG shares, ending a five-year holding.