By Rosemary
Billionaire hedge fund manager Bill Ackman moved quickly to line up support for his $64 billion takeover proposal for Universal Music Group, placing a call to French tycoon Vincent Bolloré even before formally launching the bid.
Ackman later told investors that the initial response from Bolloré’s camp—the single most influential shareholder in the world’s largest music company—was encouraging. He described the reaction as “music to my ears,” noting that representatives of the French billionaire appeared intrigued by the proposal. The outreach underscores the central role Bolloré plays in determining the fate of any potential transaction involving Universal.
Through a web of direct and indirect holdings, Bolloré controls just under 32% of Universal Music Group, giving him effective veto power over major strategic decisions. His influence stems not only from personal stakes but also through his family-controlled holding structures and his long-standing position within Vivendi, which spun off Universal in 2021 while retaining significant exposure to the business.
Ackman, founder of Pershing Square Capital Management, made clear that Bolloré’s support is essential. Without it, he acknowledged, the transaction would be unlikely to proceed. His proposal offers shareholders the option to exchange their existing stakes for cash or equity in a newly created U.S.-listed entity, a structure that would shift Universal’s market positioning and potentially broaden its investor base.
Universal’s board has confirmed it is reviewing the unsolicited and non-binding proposal but has not provided further comment. Ackman, who currently owns roughly 4.7% of the company and served on its board until last year, is positioning the bid as a strategic opportunity to unlock additional value in a business that has already delivered strong performance since its listing.
At the center of the decision-making process is Bolloré, a figure known for his disciplined and often unpredictable approach to dealmaking. Although officially retired, the 74-year-old remains deeply involved in his business empire and has built a reputation for methodically accumulating influence in companies before asserting control.
His strategy, often described as “creeping control,” was refined through acquisitions such as advertising giant Havas and earlier stake-building campaigns in conglomerates like Bouygues.
Universal has been something of an outlier within Bolloré’s portfolio. Under the leadership of Chief Executive Lucian Grainge, the company has operated with a high degree of independence, benefiting from the global growth of music streaming and a roster that includes some of the industry’s biggest artists.
Bolloré’s investment in Universal, largely realized through Vivendi’s spin-off and subsequent Amsterdam listing, is widely regarded as one of his most successful strategic moves.
Over the years, Bolloré has reshaped Vivendi into a powerful media entity, installing allies across its governance structure and orchestrating high-profile deals, including the acquisition of Lagardère.
At the same time, not all of his ventures have delivered positive returns. Investments in Telecom Italia resulted in significant losses, while attempts to expand influence in Mediaset led to protracted disputes with the family of Silvio Berlusconi. A separate push involving Ubisoft fell short of a full takeover amid resistance.
Despite those setbacks, Bolloré’s wealth has grown substantially, with estimates placing the family’s fortune at nearly $10 billion in 2026, up sharply from less than $6 billion less than a decade earlier. His track record of identifying undervalued assets and extracting long-term value has made him a formidable figure in European business circles.
Market observers remain divided on whether Ackman’s proposal will ultimately gain traction. Analysts at JPMorgan have expressed skepticism, suggesting that the offer may undervalue Universal and is unlikely to win board approval in its current form.
They also point to Bolloré’s strategic priorities, noting that his group has historically been a net buyer of Universal shares rather than a seller and may be reluctant to reduce its influence or accept a deal perceived as undervaluing the asset.
Another complicating factor is the intricate ownership structure surrounding Bolloré’s holdings, which could make any transaction more difficult to execute. With a strong cash position—estimated at more than €5 billion at the end of last year—the group faces little financial pressure to divest.
For Ackman, the challenge lies not only in convincing Universal’s board and broader shareholder base but also in navigating the strategic calculus of one of Europe’s most seasoned dealmakers. Bolloré’s ultimate decision will likely determine whether the proposed transaction evolves into a landmark reshaping of the global music industry or remains an ambitious but unrealized bid.
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