PSTH & Bill Ackman Investor Presentation - Universal Music Group, RemainCo, SPARC
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- Опубликовано: 22 июн 2021
- A detailed presentation about the Pershing Square Tontine Holdings (PSTH) aqcuisionn of Universal Music Group (UMG) + RemainCo + SPARC. Presentation by the Pershing Square investment team & Bill Ackman on the transaction and questions.
PSTH: pstontine.com/
Bill Ackman: / billackman
My Twitter: / reecelongwell
Timestamps:
[00:00] Transaction Summary
[02:37] Universal Music Group Overview
[26:46] Music Industry Overview
[40:16] A Shareholder's Perspective on Future Growth
[01:06:14] Universal Music Group Valuation
[01:23:08] Q&A
[01:59:20] Detailed Transaction Overview
![Universal Music Group: The Gatekeepers of Music - [Business Breakdowns, EP. 32]](http://i.ytimg.com/vi/rHgqjpokmZ4/mqdefault.jpg)
![Universal Music Group: The Gatekeepers of Music - [Business Breakdowns, EP. 32]](/img/tr.png)
Well looks like this deal isnt happening anymore. Find out why PSTH is no longer merging with UMG: ruclips.net/video/HSpgc1eWvOQ/видео.html
We will look back on this one day and realize how legendary this event was.
You will realise you were scammed
@@matmaism Sure bud.
I got scammed by recieving a profitable, high growth, rescission proof company. + Whatever he decides to merge with this year. + Additional rights to purchase future SPACs at NAV for life for an average cost (for me) of $23?
Feeling very ripped off over here. /s
I saw your comment below. It isn't absurd to compare UMG to Disney, because he is talking about the fact that they both own an incredible amount of content. Their financials aren't compared besides the multiple that NFLIX it is trading at.
Yes WMG has a similar gross margin, but UMG is bringing in almost double their revenue and growing at higher rate YOY. Btw he compliments them a few times and WMG is up almost 4% since this presentation despite being a far inferior business to UMG.
And then there is your self defeating argument about what big banks think they are worth. If they have horse in this race then that's great! Because they will give them a higher valuation! My prediction is they DL somewhere between 60-70B and of course at higher trading multiple to WMG, because they are a vastly superior business. Big institutions are ALWAYS getting better opportunities than retail, hence BA created SPARC, for retail to get in on the action.
Going so far as to call this a scam tells me all I need to know about you. Good luck with your other investments! Based on your analysis, you will absolutely need it!
@@BigRey7 Nothing you've said makes any sense. There's not even a foundation to build on to warrant a response. No understanding valuation, listings or what the impacts of flows will be. Put your money in the S&P you aren't equiped to assess individual investments.
@@matmaism Whew, what a relief. Thank you kind stranger. You have a heart of gold and have saved me from many financial hardships.
I'm also gunna drop out out of school. I was so close to finishing too! 🥳
@@matmaism lol you cannot give a counter argument so just keep silent
Thank you so much for this!
Thank you. I don't do twitter, but just saw your twitter page outlines. Good job!
Thank you for uploading. Such 🔥🔥 content
Thanks so much for the upload!
Great presentation! Thank you for sharing
Thank you for sharing. Was not able to attend but gonna listen to it as podcast now!
thank u very much for this
Tony is now non-remainco.
Thank you so much if you could record the twitter spaces with Andrew Walker that would be legendary!
Thanks!!!
Awesome....
Now that Universal Music Group is no longer a controlled entity I think that it is now in play. Which company do you think would like to buy it: Comcast, Disney, another company?
Tony is no longer interning at PSTH
poor tony
Tony transferred to Domino's
When does he say Tony?
I was around when FB stock tanked and fell to like 19$ and I thought they would go under lol. I now know better, and this is going to be good for us long term we just need to be patient.
thanks bb, tontard for life
Thx 😎
Friend, where did you get access to this presentation
ty
It is so sad what has happened to the music industry.....artists are the ones who lose out...the streaming services and record companies do well but artists receive the least amount of royalty when it is their creation...any monies spent in marketing etc is repaid in full by the artist before they make any money. I used to be signed to Universal,
@CS Lancashire the artists dont buy that stuff. the labels give it to them for marketing purposes
Thank you Jackie Reece
Sounds like they first liked the company/decided to buy and then did valuation, which usually leads to overpaying, time will show
Do you get the warrants if you buy PSTH on the open market?
Did they say NFTs? As a shareholder, I want NFTs.
THEY FRICKEN SAID NFTS. TO THE MOON BABY!
@@TheBerk145 1:01:22
@@mattforthelikes FLOW ganggggg NFTs are going to the moon
Long jpm analyst daniel kerven
What's next?
@JSBACH\\..\
baroque music; for MBenz-DIR
I don´t know why but I´m in love with Billie Ackman haha
The Daddy
Why would Vivendi sell at such a good price though?
big cash influx plus they didn’t sell their whole stake just a portion of Vivendi’s holdings went to PSTH
@@mateom7056 But they also sold to Tencent at a lower price... hmm not sure how to think about these.
Ackman explained it in this very presentation...
Vivendi wanted Ackmans notable large US investors in Tontine to be investors in UMG. Through this structure, it's a tax-free distribution to them (us).
Ackman also explicitly said that they wanted to acquire more than 10% but Vividendi would have then not given them that good of a price, for obvious reasons.
I don´t think Artists now adays get paid more than before. (Even Taylor Swift said, that streaming ain´t paying well) Plus in Hip-Hop the 360 Deal is the shittest Deal You could ever get!
Unfortunately, this did not age well.
sucker deal
wow the board fucked us majorly
This guy hasn’t lost enough money, told enough lies yet?
On the contrary, his last two years of returns have been incredible.