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Universal Music rejects Bill Ackman’s $64B takeover bid


It’s official: Universal Music Group has rejected Bill Ackman’s takeover offer.

UMG’s Board of Directors said today (May 29) that it has “unanimously determined that the unsolicited and non-binding proposal” it received from Pershing Square Capital Management on April 7, 2026, is “not in the best interests of UMG, its shareholders, artists, songwriters, employees and other stakeholders”.

The Board said it has “taken the time to fully assess the proposal submitted by Pershing Square”.

It added: “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”.

Sherry Lansing, Chairman of the Board, UMG said: “UMG has built an unrivalled position in the music industry through clear vision and strong execution. The Board has full confidence in Sir Lucian and his team’s ability to deliver sustainable growth and continued value creation for all stakeholders.”

Credit: Austin Hargrave

“As we execute  our strategy and deliver maximum long term value, we look forward to providing shareholders with greater insight into the drivers of our performance and future direction of our business.”

Sir Lucian Grainge

Sir Lucian Grainge, Chairman and Chief Executive Officer, UMG added: “We remain committed to leading the industry by attracting the world’s top talent, deepening fan engagement globally, and driving innovation.

“Central to that mission is fostering an environment that champions human creativity, protects artists, songwriters, and entrepreneurs, and expands opportunities for growth and success.

“As we execute  our strategy and deliver maximum long term value, we look forward to providing shareholders with greater insight into the drivers of our performance and future direction of our business.”

The rejection comes two days after Cyrille Bolloré, Chairman and CEO of the Bolloré Group – UMG‘s largest single shareholder – publicly urged the company’s management to turn down the offer.

“I encourage the management of Universal Music to reject it,” Bolloré told the Bolloré Group‘s annual shareholders meeting on Wednesday (May 27).

“As far as I am concerned, it is as if it has been rejected.”

“We think the price is not there at all,” Bolloré said.

“He is not making an offer with his own money,” he added. “It is our money, the company’s money.”

At the meeting, Bolloré described the next five to six years as critical for UMG to capitalize on superfan subscriptions, live music, geographic expansion, and merchandising.

He acknowledged that Ackman “was a very smart investor” who had raised “interesting” points on cash allocation and the opportunities presented by AI.

Pershing Square‘s non-binding proposal, unveiled in April, valued UMG at approximately €55.8 billion ($64.4 billion), or €30.40 per share – a 78% premium to the company’s closing price on April 2.

Under the terms, shareholders would have received €9.4 billion in cash and 0.77 shares of new stock for each UMG share held.

The plan would have merged UMG with Pershing Square SPARC Holdings, with the combined company incorporating in Nevada and shifting its primary listing from Euronext Amsterdam to the New York Stock Exchange.

Ackman argued the move would unlock demand from institutional investors unable to buy non-US-listed securities.

UMG had put its own plans for a US secondary listing on hold in March 2026, citing turbulent market conditions.

The billionaire investor had also acknowledged that the deal hinged on Bolloré‘s support.

“Without Bolloré, we don’t have a transaction,” Ackman told investors when he presented the bid, adding that his first call before launching the proposal had been to the Bolloré Group.

Ackman described that initial response as “music to my ears.”


The Bolloré Group controls 28% of UMG via a direct stake in the music company plus its holding in Vivendi.

Pershing Square first acquired approximately 10% of UMG from Vivendi in the summer of 2021, and Ackman sat on the company’s board until May 2025.

Ackman has since sold down part of that position, including a 2.7% stake in March 2025.

Cyrille Bolloré stepped down from UMG‘s board in July 2025 to focus on his role at the Bolloré Group.

UMG generated revenues of €2.9 billion ($3.39 billion) in Q1 2026, up 8.1% year-over-year at constant currency.

Alongside those results, the company said it would sell half of its equity stake in Spotify, generating around $1.4 billion to help fund an expanded share buyback program.

Ackman‘s proposal had envisaged liquidating UMG‘s entire Spotify stake to help fund the cash portion of the bid.


Elsewhere in the statement today, UMG said: “As a company operating in a fast-evolving sector, UMG and its Board continuously assess the company’s business and financial strategy.

“The company recently initiated and subsequently expanded its buyback program, announced plans to monetize half of its Spotify equity stake, and announced it would provide the market with enhanced financial disclosure so that its business can be better assessed and understood. These are topics the Board and management have been considering for several months, and which will remain under continuous review.”

It added: “UMG has consistently led the industry, particularly since becoming a listed company in 2021. This has included pioneering an artist-centric approach to Streaming 2.0, underpinned by new agreements with digital service providers and leading the market in a responsible approach to the use of artificial intelligence. Also since listing, UMG has grown revenue by 60% and Adjusted EBITDA by nearly 70%(1), while sustaining healthy returns on equity. In 2025 UMG achieved a 33% share in recorded music, its highest share in 12 years, and a 24% share in music publishing, the highest share UMG has achieved since Music & Copyright started tracking market share in 2010. For the third consecutive year, in 2025 UMG artists held 9 of the top 10 positions on the annual IFPI Global Artist Chart.”

Citi is acting as financial advisor to the UMG Board of Directors, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and De Brauw Blackstone Westbroek N.V. are acting as legal advisors to the UMG Board of Directors.Music Business Worldwide

Amazon vs. Microsoft: What Their Revenue Trends Tell Investors


Amazon: Managing Quarterly Revenue Volatility

Amazon (AMZN 1.28%) primarily generates its revenue through a vast network of online and physical retail sales, consumer subscription programs, and enterprise cloud computing services.

It recently launched a new supply chain service and faced an investigation into its planned Globalstar acquisition, while reporting an approximately 17% net income margin for the quarter ended March 31, 2026.

Microsoft: Steady Revenue Amid Restructuring

Microsoft (MSFT +5.25%) earns the majority of its revenue by licensing software products, selling hardware devices, and providing extensive cloud-based solutions to consumers and global enterprises.

It recently initiated a voluntary retirement program for a portion of its workforce and faced a new antitrust investigation in the United Kingdom, while reporting an approximately 38% net income margin for the quarter ended March 31, 2026.

Why Revenue Matters for Retail Investors

Revenue serves as the most fundamental measure of total incoming money before any operating expenses, taxes, or other costs are subtracted. It allows investors to evaluate raw business growth and the fundamental demand for a company’s core offerings.

Image source: The Motley Fool.

Quarterly Revenue for Amazon and Microsoft

Quarter (Period End) Amazon Revenue Microsoft Revenue
Q2 2024 (June 2024) $148.0 billion $64.7 billion
Q3 2024 (Sept. 2024) $158.9 billion $65.6 billion
Q4 2024 (Dec. 2024) $187.8 billion $69.6 billion
Q1 2025 (March 2025) $155.7 billion $70.1 billion
Q2 2025 (June 2025) $167.7 billion $76.4 billion
Q3 2025 (Sept. 2025) $180.2 billion $77.7 billion
Q4 2025 (Dec. 2025) $213.4 billion $81.3 billion
Q1 2026 (March 2026) $181.5 billion $82.9 billion

Data source: Company filings. Data as of May 28, 2026.

Foolish Take

Amazon and Microsoft compete in the cloud computing sector, with the former taking the top spot in terms of market share while the latter is number two. This part of their businesses is key for investors because it’s where their artificial intelligence offerings reside.

Although the bulk of Amazon’s revenue is generated by its e-commerce operations, which is why sales spike in the fourth quarter from holiday shopping, the growth in the company’s cloud computing business, Amazon Web Services (AWS), helped its stock soar to a 52-week high of $278.56 on May 5.

Amazon invested heavily to upgrade AWS infrastructure in support of AI. This helped it capture customer demand, resulting in AWS sales skyrocketing 28% year over year in Q1 to $37.6 billion. The segment’s expansion handily out-performed Amazon’s retail division, leading to overall revenue rising 17% year over year to $181.5 billion.

Microsoft is no slouch in its sales growth, as revenue increased 18% year over year to $82.9 billion in its fiscal Q3 ended March 31. The tech titan reported its AI business experienced an annual revenue run rate increase of 123% year over year to $37 billion in the quarter.

While Microsoft’s overall sales numbers are nowhere near Amazon’s, they reveal the company’s AI business is enjoying growth comparable to its rival. Q3 cloud revenue rose 29% year over year to $54.5 billion. Consequently, Microsoft and Amazon are both compelling stocks to gain exposure to the AI market.

[7/14] Chick-fil-A: Dress Like A Cow & Get A Free Entree


The Offer

Direct link to offer

  • Chick-fil-A is offering a free entree on 7/14 when you dress like a cow for cow appreciation day from 7:00 a.m. to 7:00 p.m. Can choose the following:
    • Breakfast: Chick-fil-A® Chicken Biscuit (Original) or 4-count Chick-n-Minis®.
    • Lunch/Dinner: Chick-fil-A® Chicken Sandwich (Original or Spicy); 8-count Nuggets (Original or Grilled); or 3-count Chick-n-Strips.
    • Kids: A 5-count Nuggets Kids’ Meal (Original or Grilled), which includes a side, drink, and premium.

Our Verdict

Images on the landing page show some pretty low effort outfits. I think you could probably get away with a white tshirt that had some black bits taped on. It being worth it will really depend on how bad the lines are. We will repost on 7/14. 

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Why Panorama Mortgage rebranded as SimplyPMG


In deciding to rebrand its company, Panorama Mortgage Group wanted to emphasize simplicity, said Hector Amendola, its president.

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So SimplyPMG is now what the company will be known as, he said during an interview at the recent Mortgage Bankers Association Secondary and Capital Markets Conference in New York.

This takes the place of the several doing-business-as names it operated under, including Alterra Home Loans and Travisa Financial in addition to Panorama, Amendola said.

“Travisa Financial was our wholesale arm, and for a long time I think that there was a little bit of a division because of that in our company, and so we thought, you know what, it’s SimplyPMG, that’s the name of the company,” he said.

Hector Amendola of Panorama Mortgage Group

“We’ve always been one company, but there’s been a lot of complexity added because of the DBAs, and so it was our way of saying we want to keep things simple.”

For the company itself, the new moniker is a reminder of the need to keep things simple, because the mortgage industry tends to “add complexity for the sake of complexity,” Amendola noted.

Having those multiple brands, different names for different channels, was one of those unnecessary complexities, Amendola said.

“We do different DBAs because we think that’s what the people want,” he said. “In reality, it’s confusing to the consumer.”

SimplyPMG is what they fell in love with, as it referred to keeping things uncomplicated. Alterra might have been the better known brand coming in to the process, but the simple portion is what they are looking to focus on, he said.

Alterra Home Loans received private equity funding in 2016 from Panorama Point Partners.

The rebrand was in the works prior to the housing and mortgage market doing a sharp turn starting in March, when rates shifted course as the bond market reacted to inflation as a result of the Iran conflict.

Even though things have slowed down in the last couple of months, “there’s still a lot of buyers, the market’s still good,” he said. “We’re still doing well, not as good as we thought, but still doing well.”

Yet it is still in a sense market-driven. The company has been working for some time on how to get its loan manufacturing costs as low as possible.

“So the simpler process, better price, doesn’t come from nowhere,” Amendola said. “It’s coming from something we’ve been working on for years now.”

Getting those costs down is something all mortgage bankers should be concentrating on, he continued, pointing to data from the most recent MBA profitability study, where total production costs increased to just under $12,000 ($11,898 per loan).

“It shouldn’t be that much,” so lenders need to focus on getting those under control, Amendola said.

With the rebrand underway, SimplyPMG is focusing on growing its business. It added a branch in the Phoenix area, getting back into the market.

Its wholesale channel ramped up in December and it has been growing as well, Amendola said.

Retail is a great channel for SimplyPMG, but having wholesale and consumer direct means it is not beholden to a single production model.

He recounted having said “we feel like we’re the best kept secret in mortgage, and that’s not a compliment to us, right?

“Because we don’t want what we’re doing to be a secret, we want everybody to know what we’re doing, because it’s good for the consumer and it’s good for the industry,” said Amendola in response to his own comment.



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