Apollo, TPG and Blackstone held preliminary buyout talks with Universal Music

Universal Music Group has held preliminary discussions regarding a potential take-private transaction with several private equity firms, including Apollo Global Management. The talks, which also involved TPG and Blackstone, were known to Universal's board earlier this year, according to reporting by Bloomberg. However, the discussions have not advanced into a formal sale process, and all involved parties declined to comment.

The music giant, listed in Amsterdam, holds a market capitalisation of approximately €29bn. Its shares have declined around 29% in 2026, trading below their 2021 listing price.

The potential transaction follows an earlier takeover proposal from shareholder Bill Ackman. Ackman sought to acquire the business and relocate its listing to the United States, an approach that Universal rejected. Meanwhile, the Bolloré family, the company’s largest shareholder, has publicly questioned Universal’s market valuation.

Any eventual buyout would reportedly require support from the Bolloré family, which controls more than 30% of Universal through direct holdings and Vivendi, while Tencent owns more than 11%. Neither shareholder has indicated an intention to sell its entire holding in the business.

Universal's valuation has faced downward pressure due to decelerating streaming subscriber growth across developed markets, alongside investor concerns regarding the impact of artificial intelligence on music distribution and royalties.