{
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  "docSlug": "e6ccdccde9e4f314d35e33b1eb767bd3",
  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
  "authorId": "third-point-management",
  "authorName": "Third Point",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-01 00:00:00",
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  "density": "balanced",
  "nDataPoints": 60,
  "notes": "The slide uses a valuation table to show implied multiples at different enterprise values, highlighting the $45bn bid level.",
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  "slideHref": "/slides/019de06f-d4b7-72ab-9bef-74ff505356b5/77",
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      "kind": "chart",
      "text": "EBITDA comparison: UMG and Sony Music ($mm)",
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      "kind": "list",
      "text": "Within Vivendi's portfolio, UMG represents ~70%+ of the total asset value. In July 2018, the company announced it would pursue a sale process for up to 50% of UMG. Recent reports indicate Tencent and KKR are exploring bids valued at $23bn for 50%.",
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      "text": "Source: Company reports, Third Point and consensus estimates",
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      "text": "Valuation ranges and implied multiples table",
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      "kind": "title",
      "text": "Vivendi sale of 50% of UMG will shine a spotlight on the value of Sony Music",
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      "name": "Quick Win Big Bet",
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      "evidence": "The loop presents a big bet on the growth potential of Sony's gaming and music businesses",
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