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  "documentTitle": "Pershing Square | Activist Presentation Deck | 68 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2022-02-01 00:00:00",
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  "notes": "Includes a specific callout regarding Pershing Square's 10% acquisition in September 2021.",
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      "kind": "callout",
      "text": "In September 2021, Pershing Square completed its acquisition of 10% of Universal Music Group from Vivendi at a negotiated equity value for UMG of €33 billion",
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      "text": "World’s leading music company\n#1 global market share (32%) in recorded music, > 3mm song portfolio\n#2 global market share (23%) in music publishing, 180k songwriter portfolio\nIrreplaceable owned intellectual property and must-have content\nIndustry leading position (#1 share) and stable competitive environment\nRepresents 10 out of the top 10 global musical superstars\nHighly recurring and predictable revenue from music streaming\nWorld-class management team with deep industry experience\nOnly uncontrolled, pure-play, music streaming content company\nLow financial leverage",
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      "text": "Ticker: UMG\nMarket Cap: €39bn\nDiv. Yield: ~2%",
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      "text": "Source: Company filings, Music & Copyright, IFPI.",
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