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UMG Rejects Pershing Square’s $64 Billion Takeover Bid

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Universal Music Group has rejected a $64.4 billion takeover bid from Bill Ackman’s Pershing Square after its board unanimously determined that the proposal is “not in the best interests of UMG, its shareholders, artists, songwriters, employees and other stakeholders.”

 The board said Pershing Square’s proposal “fundamentally and materially undervalues” UMG and will “not deliver superior value creation.” UMG added that it believes there is a “strong consensus” among shareholders and other stakeholders who support its decision. On Wednesday, Bolloré Group CEO Cyrille Bolloré encouraged UMG management to reject Ackman’s offer and said he didn’t think it would be “positive” during the company’s annual general meeting.

“UMG has built an unrivaled position in the music industry through clear vision and strong execution,” board chair Sherry Lansing said in a statement. “The Board has full confidence in Sir Lucian and his team’s ability to deliver sustainable growth and continued value creation for all stakeholders.”

A spokesperson for Pershing Square declined to comment.

In April, Pershing Square proposed a cash and stock deal that would see the firm form a newly merged company with UMG that would list on the New York Stock Exchange.

Under the terms of the deal, which was expected to close by year end if approved, UMG shareholders would have received a total of €9.4 billion ($10.87 billion) in cash. Each share would’ve been exchanged for €5.05 ($5.84) in cash and 0.77 shares of new UMG stock for each share of UMG held. That amounted to a total deal value of €30.40 euros per share, a 78% premium to UMG’s closing share price on April 2.

At the time, Ackman said the bid was being submitted due to UMG’s “languishing” stock price, which he blamed on the postponement of UMG’s listing in the United States, uncertainty related to Bolloré Group’s 18% stake in the company, the “underutilization of UMG’s balance sheet, which has led to reduced returns on equity,” the absence of a “publicly disclosed capital allocation plan and earnings algorithm,” a lack of investor credit in UMG’s valuation for its €2.7 billion stake in Spotify and “suboptimal shareholder investor relations, communications, and engagement.”

Following Pershing’s proposal, UMG said it would monetize half of its Spotify stake to help fund an increased share buyback program.

In April, the board authorized an increase in the size of its share repurchase program to €1 billion. At the time, UMG said it would initiate a €500 million buyback following completion of a separate €500 million repurchase program that’s already underway. It noted that the buyback is subject to market conditions and shareholder approval.

UMG also said it would provide the market with enhanced financial disclosure so that its business can be better assessed and understood.

Shares of UMG, which sat at €19.50 as of Friday, are down 11% year to date, 30% in the past year and 16% in the past five years. However, UMG management argued that the company has consistently led the industry since going public in 2021.

It noted that revenue has grown by 60% and adjusted EBITDA has grown by nearly 70% since its public listing. It also said that UMG achieved a 33% share in recorded music in 2025, its highest in 12 years, and a 24% share in music publishing, the highest share UMG has achieved since Music & Copyright started tracking market share in 2010. Additionally, UMG artists held nine of the the top 10 positions on the annual IFPI Global Artist Chart for the third consecutive year.

“We remain committed to leading the industry by attracting the world’s top talent, deepening fan engagement globally, and driving innovation. Central to that mission is fostering an environment that champions human creativity, protects artists, songwriters, and entrepreneurs, and expands opportunities for growth and success,” UMG Chairman and CEO Sir Lucian Grainge added. “As we execute our strategy and deliver maximum long term value, we look forward to providing shareholders with greater insight into the drivers of our performance and future direction of our business.”

Citi is acting as financial advisor to the UMG board of directors, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and De Brauw Blackstone Westbroek N.V. are acting as legal advisors.

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Obama Relives Tan Suit Debacle In ‘Life, Larry & Pursuit of Unhappiness’

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As Larry David‘s comedic trip through U.S. history comes to an end, he took credit for one of the nation’s more recent presidential scandals.

On Friday’s season finale of the HBO sketch comedy miniseries Life, Larry and the Pursuit of Unhappiness, President Barack Obama made a surprise appearance as himself in a sketch set in 2014, as David advised him to wear the now-infamous, outrage-inducing tan suit during his live press conference on military response to ISIS.

Following some banter on how the POTUS avoids stains, David accidentally spills juice on Obama’s suit jacket when he leaves the room. When the 44th president returns, the comedian recommends he wear the tan suit that Obama planned on taking it to Turin for NATO Summit, for “a daytime event, it’s outdoors, a little more casual.”

“First of all, it’s a gorgeous suit,” David declared. “And this is casual Friday!”

“It is a great suit,” admitted Obama, as David told him, “Oh boy, oh boy. I think this is the move. … Old lips won’t let you down. You’ll thank me!”

As Obama models the look, David gives him his signature, “Pretty good! Pretty, pretty, pretty, pretty, pretty good.”

“You sure about this?” asks Obama, as David assures him, “Never been more sure about anything in my life. People are going to be talking about this for a long, long time.”

Obama’s cameo in the finale comes as David marks the United States Semiquencentennial with the seven-part sketch comedy limited series, which recounts major events in U.S. history through the comedian’s signature observational humor.

David’s longtime Curb Your Enthusiasm partner Jeff Schaffer, who serves as an executive producer on Life, Larry and the Pursuit of Unhappiness, previously told Deadline that Obama, who produced under his Higher Ground banner, reached out to his buddy David to ask if he’d be interested in making the show to celebrate the country’s 250th birthday.

“When you’re doing a show about American history, you want to do it warts and right now we have this orange saggy wart that we wish would go away,” said Schaffer. “But the nice thing about having President Obama produce this and be a part of it is that this country’s had a lot of fuck ups, we’ve seemed to have learned very little, but we’re still moving forward sometimes, and then we move back a little bit, but we always move forward again. While Larry’s pointing out a lot of the steps back, the President is telling us we can still step forward.”

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Matthew McConaughey Performs “Quill” From ‘Rivals of Amziah King’ — Watch

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Matthew McConaughey shows off his vocal skills (and some hidden banjo talents) with his latest role in The Rivals of Amziah King.

On Friday, Lakeshore Records released the single and music video for “Quill” from the original motion picture soundtrack, performed by the Oscar-winning and co-star Ben Hardesty, also featuring Miranda Zickler, Angelina LookingGlass and Andrea Pister.

Set in the backwoods of Oklahoma, The Rivals of Amziah King follows the musically gifted Amaziah King (McConaughey) and his bluegrass-playing band of misfits while overseeing the premier honey-making operation in town. When Amaziah’s estranged foster daughter unexpectedly returns, he leaps at the chance to reconnect and create a family business. But the honey game is ruthless, and Amaziah’s rivals threaten to destroy everything he has built.

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Premiering Aug. 14 in theaters, the Andrew Patterson-written-and-directed drama also stars Angelina LookingGlass, Cole Sprouse, Jake Horowitz, Tony Revolori and Kurt Russell.

Producers are David Heyman, Teddy Schwarzman, Jeffrey Clifford, Michael Heimler, James Montague and Will Greenfield.

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Jane Schoenbrun On Tackling “Toxic Soup” Of Slasher Genre In ‘Camp Miasma’

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With their latest directorial outing, Jane Schoenbrun used subtle pieces of nostalgia to deconstruct the slasher genre.

The Teenage Sex and Death at Camp Miasma writer/director explained to Deadline that they wanted to create “a mindset where you can really enjoy something scary,” noting the frequent symbolism of candy and junk food as providing an atmosphere “that’s actually safe” while diving into a horror movie or exploring sexuality after trauma.

“There is this idea that if it gets too real, you can turn it off, that you’re exploring something dangerous, doing it in a way that’s actually safe,” said Schoenbrun, who is non-binary. “Which in my experience of coming into my sexual identity post-transition, kind of required some gummy candy on hand. What I mean by that is, even if we’re going to be exploring scary and vulnerable and potentially embarrassing, triggering parts of ourselves, we trust each other well enough to know that at any moment, we can be like, ‘Let’s stop, we gotta just eat some fucking gummies.’”

In Schoenbrun’s latest film, Hannah Einbinder stars as queer director Kris, who is tapped to helm a new installment of the long-running Camp Miasma horror franchise. While courting Billy Presley (Gillian Anderson), the actress who played the “final girl” in the original film, to reprise her role, the pair spirals into a psychosexual frenzy as the slasher’s killer, Little Death (Jack Haven), comes to life.

Acknowledging the problematic trans representation of horror films like Psycho (1960), Sleepaway Camp (1983), The Silence of the Lambs (1991) and Texas Chainsaw Massacre: The Next Generation (1995), Schoenbrun admitted the genre has been “catnip to me since I was 10 years old,” and they jumped at the chance to direct their own.

Jane Schoenbrun at the
Jane Schoenbrun attends the ‘Teenage Sex and Death at Camp Miasma’ premiere on Aug. 5, 2026 in New York City.

“So many slashers do have this sense of humor, and even if they’re not overtly meta like the Scream movies are, they’re so aware of their own tropes and the sort of rituals … And I just loved that from a young age and loved all of the little rituals within it, and so, getting to make my own is just like play and joy,” they explained.

“But it also felt like the perfect way to talk about sex and to talk about my experience as a trans person post-transition, learning how to come into a sexual identity that I could feel comfortable within, because so many of these movies are obviously deeply engaged in gender and sexual roles, and these movies have so much to say for better or for worse about deviants,” said Schoenbrun. “It is there in the DNA of the slasher genre that these movies are talking about fear and desire, gender and sexuality, normativity and deviance. And that’s all swimming in the toxic soup of the genre, so I wanted to remake it in my own language.”

Read on about Jane Schoenbrun’s love letter to the slasher genre with Teenage Sex and Death at Camp Miasma, now playing in theaters.

DEADLINE: It was really fun to see the slasher genre through your eyes. Tell me about finding inspiration in that genre and “final girls.” 

JANE SCHOENBRUN: I mean, it was the easiest thing in the world because it’s just one of those genres that has been catnip to me since I was 10 years old. I just raided the horror section of the video store as a kid from an age when I really shouldn’t have been doing that, like in 5th grade, I watched in the span of about one week, every Nightmare on Elm Street movie. I think that I was always drawn to movies and really anything entertainment where it felt forbidden in some way, like the thing on the tape, how is that even allowed? And that’s the thing that I love about a lot of my favorite slashers. Don’t get me wrong, I love like brutal ones, like I love Texas Chainsaw, that’s a nasty movie at its core, and that’s what’s so special about it. But so many slashers do have this sense of humor, and even if they’re not overtly meta like the Scream movies are, they’re so aware of their own tropes and the sort of rituals of, OK, what’s the most outrageous way that like these like dumb kids can get killed? But watching it, it’s not about fear a lot of the time, it’s about joy and celebration. And I just loved that from a young age and loved all of the little rituals within it, and so, getting to make my own is just like play and joy. But it also felt like the perfect way to talk about sex and to talk about my experience as a trans person post-transition, learning how to come into a sexual identity that I could feel comfortable within, because so many of these movies are obviously deeply engaged in gender and sexual roles, and these movies have so much to say for better or for worse about deviants, whether that be Norman Bates or Buffalo Bill or Sleepway Camp or Jason, Michael Myers, Leatherface in drag. It is there in the DNA of the slasher genre that these movies are talking about fear and desire, gender and sexuality, normativity and deviance. And that’s all swimming in the toxic soup of the genre, so I wanted to remake it in my own language. 

‘Teenage Sex and Death at Camp Miasma’ (2026)

DEADLINE: I’m curious about the symbolism of all the processed junk food and the chandelier of wrappers.

SCHOENBRUN: The junk food in the movie, I forget when it found its way in there. It’s like so much of the movie is about, like I said, ritual, about being in a mindset where you can really enjoy something scary, whether that be Kris [Hannah Einbinder] in bed, with, you know, with Raisinets and the popcorn, watching a schlocky horror movie, or the two characters learning how to be present and enjoy sex after a lot of trauma. There is this idea that if it gets too real, you can turn it off, that you’re exploring something dangerous, doing it in a way that’s actually safe. Which in my experience of coming into my sexual identity post-transition, kind of required some gummy candy on hand. What I mean by that is, even if we’re going to be exploring scary and vulnerable and potentially embarrassing, triggering parts of ourselves, we trust each other well enough to know that at any moment, we can be like, “Let’s stop, we gotta just eat some fucking gummies.”

DEADLINE: And one thing I really love—I just feel like it’s a theme in your work—is how it depicts the way media and entertainment influence us. Why does that inspire you? 

SCHOENBRUN: I think it comes from a fascination and sensitivity to the complex relationship between what we think of as fiction and what we think of as reality, which we tend to, as a society, think of as pointing in one direction. Like, reality dictates fiction, not vice-versa, but when you actually look at the way the world works, it’s like one echoes off the other. And I think a complicated, sometimes terrifying and sometimes beautiful way, where the fiction, the cultural norms, the things we grow up looking at on our screens, the roles that we’re told people play, they kind of inspire us to create reality. There’s something liberating when you start thinking in that way. I think it’s a way of thinking that we as a culture, could do a lot more of. To think about the idea of fiction inspiring reality just as much as reality is inspiring fiction, is a potential path to liberating us from this hellscape that they’re telling us is the only way the world can be. 

Gillian Anderson in ‘Teenage Sex and Death at Camp Miasma’ (2026)

DEADLINE: And I know you have the Secretary reading. Tell me what it’s been like prepping for that and why you all chose that movie. 

SCHOENBRUN: I mean, that was such a huge influence on on Miasma. There just aren’t that many fun and funny movies about deviant sex. And just the way that movie is like feather light while talking about really raw and taboo things, it is just really inspiring to me. And the dynamic between those two main characters is definitely one that had a lot of influence on on Kris and Billy’s [Gillian Anderson] relationship in Miasma. And it’s already to me a very queer movie in its way, but having Gillian reading the James Spader part and Hannah reading the Maggie Gyllenhaal part, I think it’s just gonna be like a very unique joy. Honestly, we’ve been prepping a little bit, but I think it’s just gonna be about getting up there and feeling the chemistry of it all, and just letting these folks who we have all gotten to know each other really, really well, but we haven’t actually done anything wacky and creative like that in a while, like as a reunion, it’s gonna be a real blast, I think.

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