UMGP - Pershing Square SPAC draws interest as Universal Music logs heavy profit after canceled deal

Interest in Pershing Square Tontine Holdings (PSTH +0.3%) is trending today, surely following a strong profit report from Universal Music Group (VIVHY +2.1%) - which PSTH was set to buy into before abandoning the deal last week. That came after PSTH's Bill Ackman said the Securities and Exchange Commission raised "deal killer" concerns that stopped the transaction. PSTH had planned to buy 10% of Universal Music in a complicated transaction allowing for more business combinations with the blank-check company. And now Universal Music (part of Vivendi but planning a public spin-off) is proving its dominance in its market. Its EBITA jumped 38% on a comparable basis to €753M, beating expectations for €690M. And while subscription and streaming revenues grew nearly 25%, physical music sales rose more than 40% in the first half of this year, compared to same period in 2020. Overall revenues of €2.02B were 17.6% higher than the

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Pershing Square SPAC draws interest as Universal Music logs heavy profit after canceled deal