Ackman's Pershing Square In Talks To Buy 10% In Vivendi's UMG For About $4 Bln

Hedge-fund billionaire William Ackman's Pershing Square Tontine Holdings Ltd., confirmed Friday that it is in talks with French media conglomerate Vivendi SA to buy 10 percent stake in Universal Music Group B.V. or UMG for about $4 billion. The proposed deal represents an enterprise value of 35 billion euros for UMG. In Paris, Vivendi shares were losing around 1 percent.