Universal Music Group has received a takeover offer valued at approximately $64.3bn (£48bn), in a potential deal that could reshape the global music industry.

The bid has been made by Pershing Square Capital Management, whose billionaire chief executive Bill Ackman said the proposal would involve a merger and lead to the combined company being listed in the United States. Pershing Square already holds a stake in Universal.

Universal Music, the world’s largest music company, represents a wide roster of global stars including Taylor Swift, Sabrina Carpenter and Kendrick Lamar. It also owns iconic assets such as Abbey Road Studios and major record labels including EMI and Island Records.

The company has yet to respond publicly to the offer.

Ackman praised Universal’s leadership, saying it had built a “world-class artist roster” and delivered strong business performance. He added that the company had successfully adapted to industry changes, particularly by embracing opportunities presented by artificial intelligence while safeguarding intellectual property.

However, he argued that Universal’s stock had underperformed due to factors unrelated to its core business, suggesting these issues could be resolved through the proposed transaction.

Pershing Square’s broader investment portfolio includes stakes in major technology firms such as Google, Meta Platforms and Amazon, as well as Restaurant Brands International, the parent company of Burger King.

Market analysts note that while Universal dominates the global music industry—home to nine of the top 10 recording artists of 2025—its revenue growth is closely tied to streaming platforms like Spotify and Apple Music, where slower-than-expected growth has raised concerns.

Although global music revenues have rebounded in recent years thanks to streaming subscriptions, debates continue over royalty payments to artists. At the same time, the rise of AI-generated deepfake music—where fraudsters imitate established artists—has emerged as a growing challenge for the industry.

In a letter to Universal’s board, Ackman said the company had “dramatically underperformed” key stock indexes, citing uncertainty around a significant stake held by Bolloré Group, controlled by billionaire Vincent Bolloré, as well as delays to a planned New York listing.

Global oil prices climbed sharply and stock markets slipped after additional attacks on cargo vessels in the Gulf heightened fears about energy supply disruptions.

Benchmark Brent crude briefly rose more than 9% on Thursday, pushing prices back above $100 per barrel before easing slightly to about $97.90 later in the session.

The surge came despite an announcement by the International Energy Agency (IEA) that it would release a record 400 million barrels of oil from strategic reserves in an effort to stabilise markets and limit the economic fallout from the conflict involving the United States, Israel and Iran.

Market anxiety intensified after reports that three more cargo vessels had been struck in the region, adding to concerns that shipping routes critical to global energy supplies could remain under threat.

Investors fear the global economic recovery could be delayed if attacks on shipping and energy infrastructure continue around the Strait of Hormuz, one of the world’s most important maritime routes for oil and gas.

The narrow waterway serves as a major transit corridor for crude oil shipments and liquefied natural gas exports. Refineries in surrounding countries also produce large quantities of jet fuel and diesel that are distributed worldwide.

Because of security concerns, the strait is now effectively closed to many vessels as shipping companies weigh the risks of operating in the area.

A spokesperson for the Islamic Revolutionary Guard Corps warned that ships linked to the United States, Israel or their allies could be targeted.

“You will not be able to artificially lower the price of oil. Expect oil at $200 per barrel,” the spokesperson said.

“The price of oil depends on regional security, and you are the main source of insecurity in the region.”

Global stock markets reacted negatively to the escalating situation. In Europe, the FTSE 100 in London fell by 0.6% in early trading, while Germany’s DAX, France’s CAC 40 and Spain’s IBEX 35 also declined.

In Asia, Japan’s Nikkei 225 ended the day about 1% lower.

The IEA said the conflict in the Middle East is “creating the largest supply disruption in the history of the global oil market”.

According to the agency, several major producers — including Iraq, Qatar, Kuwait, the United Arab Emirates and Saudi Arabia — have collectively reduced oil output by at least 10 million barrels per day.

The IEA warned that restoring production could take weeks or even months depending on how quickly workers, equipment and other resources can safely return to affected energy facilities.

All 32 member countries of the agency have agreed to the unprecedented release of oil reserves in a coordinated effort to ease supply shortages and bring down rising prices.

The Supreme Court of the United States has struck down some of the most expansive global tariffs introduced by Donald Trump, reshaping the legal landscape around executive authority in trade policy and creating fresh uncertainty in international markets.

In a 6–3 decision, the court ruled that the legal basis used by the administration to impose sweeping tariffs did not grant the president authority to do so. The judgment paves the way for potentially billions of dollars in refunds to businesses and states that challenged the measures.

At the centre of the case was the administration’s reliance on the International Emergency Economic Powers Act (IEEPA), a statute that allows the president to regulate economic activity during national emergencies. The White House argued the tariffs were justified under this authority as part of efforts to address drug trafficking and trade imbalances.

However, challengers contended that while the law permits regulation, it makes no explicit provision for imposing tariffs — a power traditionally reserved for Congress.

Writing for the majority, Chief Justice John Roberts emphasised that when Congress delegates tariff powers, it does so clearly and with defined limits.

The ruling affects duties introduced last year on imports from numerous countries, initially targeting partners such as Mexico, Canada, and China before expanding significantly during the administration’s “Liberation Day” policy push in April.

Supporters of the tariffs had argued they would stimulate domestic investment and revitalise US manufacturing. Critics, however, warned of higher import costs and broader economic ripple effects.

The case was widely viewed as a defining test of executive reach in trade matters — and of the judiciary’s readiness to scrutinise policy initiatives central to the administration’s agenda.

With the decision now issued, the balance between presidential emergency powers and congressional authority over taxation and trade has been more sharply defined, setting an important precedent for future administrations.