High-profile Trump supporter makes £48bn offer for Universal Music

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Bill Ackman, a billionaire supporter of Donald Trump, has offered to buy Universal Music for £48bn. Universal, the world’s biggest record label, has a stable of artists that includes Taylor Swift, Drake and Adele. But its share price has slumped by roughly 30% over the past six months because of a delayed US listing and slow growth in streaming revenues. Ackman, who stepped down from Universal’s board in 2025, thinks the firm is undervalued and that its vast back catalogue can generate a steady stream of income. Under his proposal, Universal would be merged with a new company and its listing would move from Amsterdam to New York.