By Pierre Bertrand
Shares in Universal Music Group fell after hedge fund manager Bill Ackman said his Pershing Square firm would reduce its stake in the world's largest music company.
Shares traded 6.9% lower to 25.97 euros in early European trading, but have risen 5.1% in the year to date.
Pershing decided to sell a portion of its position in Universal Music, Ackman said on X on Thursday. After the sale, Universal Music will remain the fund's largest position at about 17% of its portfolio, down from 27% previously, he added.
Ackman said that Universal Music has substantially outperformed the rest of Pershing Square's portfolio thanks to strong recent results.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
March 14, 2025 04:57 ET (08:57 GMT)
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