Universal Music Group has held preliminary discussions with private equity firms including Apollo Global Management, TPG and Blackstone over a potential take-private transaction, although the talks have not progressed into a formal sale process, according to a report by Bloomberg.
The discussions took place earlier this year and were known to Universal’s board, according to people familiar with the matter. The Amsterdam-listed company, which has a market capitalisation of approximately €29bn, has seen its shares decline around 29% in 2026, trading below their 2021 listing price.
The potential transaction reportedly follows an earlier takeover proposal from shareholder Bill Ackman, who sought to acquire Universal and relocate its listing to the US. The company rejected that approach, although its largest shareholder, the Bolloré family, has publicly questioned its market valuation.
Any 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.
Universal’s valuation has come under pressure from slowing streaming growth in developed markets and investor concerns over artificial intelligence’s impact on music distribution and royalties. No formal sale process has been launched, and Universal and the private equity firms declined to comment.
