Universal Music Group held early buyout talks with private equity firms

Universal Music Group held preliminary discussions earlier this year with Apollo Global Management, TPG and Blackstone about a possible buyout, but the talks have not advanced and the company has not begun a formal sale process. The board is aware of the conversations. The discussions come after Universal’s board rejected an unsolicited takeover proposal from Bill Ackman’s Pershing Square and amid a steep decline in the company’s share price, which has renewed debate over its valuation. Any potential transaction would also depend on the support of major shareholders, including the Bolloré family, which controls a substantial stake.