Ackman’s Pershing Square Divests UMG Shares; Canada Rejects Streaming Tax Hike

After rejecting Pershing Square’s $64 billion takeover bid last week , UMG has purchased more than 14.1 million shares of its own stock from the private equity firm in a deal totaling roughly $290 million.

Pershing Square announced its intention to dispose of the 80.6 million shares of UMG stock it held June 3, thus exiting the global music giant.

After a statement urging its rejection from Cyrille Bolloré, CEO of Bolloré Group, the largest UMG shareholder, the board announced May 29 it would in fact not accept Pershing’s takeover bid.

“The Board has taken the time to fully assess the proposal submitted by Pershing Square. After careful review with the assistance of outside financial and legal advisors, the Board has rejected the proposal because it fundamentally and materially undervalues UMG and will not deliver superior value creation. The Board has heard from many of UMG’s shareholders and other stakeholders and believes there is a strong consensus supporting the Board’s decision,” the company said in a statement.

Bill Ackman outlined the proposal in early April. Under the terms of the proposal, UMG shareholders would have received €9.4 billion (almost $11 billion) in cash — equivalent to €5.05 ($5.90) per share — plus 0.77 shares of “New UMG,” a newly created company that would be merged with Pershing Square’s special purchasing acquisition rights arm, registered in Nevada and eligible for New York Stock Exchange listing. UMG shares are currently traded on Amsterdam’s Euronext exchange.

Last year, Ackman pushed for UMG to relocate stateside and begin trading on American markets. Ackman called for the change after a group of Israeli soccer fans was attacked on the streets of Amsterdam. He later resigned from UMG’s board.

Pershing Square estimated the total consideration package to be worth €30.40 ($35.58) per share, a 78% premium on UMG‘s April 2 closing price. That resulted in a deal valued at €55.8 billion ($64.4 billion).

Canada Reverses On Streamer Tax Hike

The Canadian Government has ordered the country’s telecom regulator to “review” a proposed 15% tax on streaming services that’s been mooted — and criticized — to goose Canadian content.

Instead, according to Minister of Canadian Identity and Culture Marc Miller, the government will invest C$600 million ($432 million) to “provide stability and immediate support to Canada’s audio and audiovisual sectors.”

Miller said the plan by the Canadian Radio-television and Telecommunication Commission would “impose new costs” on streaming services that would ultimately fall on Canadian consumers.

“Canadians should be able to see themselves in the films and series they watch and hear their lives reflected in the artists they listen to,” said Miller. “That’s why we are investing to support the audiovisual and audio sectors now, while bringing necessary stability as we develop new directions that will ensure Canadian content remains affordable and that our stories continue to shape our identity and how the world sees us.”

The increase to 15% from the current 5% levy was expected to generate as much as $2 billion, but was roundly opposed by the streamers and faced scrutiny as an unfair trade practice by lawmakers south of the border.

NHL Projects $8B In Revenue

In his annual state of the league press conference ahead of the Stanley Cup Final, NHL Commissioner Gary Bettman said league revenue could hit $8 billion for the current season.

The number was boosted by increased ticketing revenue — league-wide attendance was at 96% capacity for the regular season and has surpassed 100% for the postseason — along with increased TV viewership during the playoffs. The league now boasts 75 league-wide sponsors and is in the midst of negotiating a new French-language broadcasting deal. Its new English-language deal in Canada kicks in next season. The U.S. media rights deal with the Disney family of networks expires after the 2027-28 season but an exclusive negotiating window opens next year.

_Originally reported by [Pollstar](https://news.pollstar.com/2026/06/09/the-biz-all-or-nothing-ackman-pulls-out-of-umg-after-failed-takeover-canada-nixes-streaming-tax-hike-nhl-revenues/)._