Pershing Square Activist Presentation Deck
Universal Music Group ("UMG"): Overview
World's leading music company
#1 global market share (32%) in recorded music, > 3mm song portfolio
#2 global market share (23%) in music publishing, 180k songwriter portfolio
► Irreplaceable owned intellectual property and must-have content
► Industry leading position (#1 share) and stable competitive
environment
Represents 10 out of the top 10 global musical superstars
► Highly recurring and predictable revenue from music streaming
World-class management team with deep industry experience
▸ Only uncontrolled, pure-play, music streaming content company
Low financial leverage
UNIVERSAL
UNIVERSAL MUSIC GROUP
Ticker: UMG
Market Cap:
€39bn
Div. Yield:
~2%
In September 2021, Pershing Square completed its acquisition of 10% of Universal Music Group
from Vivendi at a negotiated equity value for UMG of €33 billion
Source: Company filings, Music & Copyright, IFPI.
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