Taking the SPAC out of Ackman

Squawk Pod

CNBC

Investing, Business News, News, Business

4.2 • 543 Ratings

🗓️ 19 July 2021

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Billionaire investor Bill Ackman’s blank-check company Pershing Square Tontine Holdings has dropped a deal to buy 10% of Vivendi’s flagship Universal Music Group, following regulator concerns. Ackman discusses why he decided to pull his SPAC deal -- but is still investing in Universal Music -- the markets and his thoughts on Covid. He says the spread of the Delta variant doesn’t pose a significant threat to the economic reopening, and he sees interest rates rising on the back of the big comeback. Plus, CNBC’s Brian Sullivan reports on the new OPEC agreement to increase production by 400,000 barrels each month beginning in August. The output hike will continue through September 2022, at which point the entirety of the nearly 6 million barrels per day the group is still withholding will be back on the market. Plus, Happy Birthday to a few folks in the Squawk Box family. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	Bring in show music please.
0:04.0	This is Squawk Pod. I'm the NBC producer Katie Kramer.
0:07.0	Today on our podcast,
0:09.0	Taking the Spack out of Ackman,
0:11.0	hedge funder Bill Ackman, no longer buying a stake in universal music as part of his blank check company Tontine.
0:18.0	In the last few days, the SEC raised, I would say a deal killer, which is they said that in their view the transaction did not meet the
0:24.2	New York Stock Exchange spec rules. I would call that a dagger in the heart of the transaction
0:28.3	put you know taunting in a very awkward spot. But he's still dancing to the beat.
0:33.4	Ten out of the top ten artists, you know, Drake, Taylor Swift,
0:36.5	make your list are Universal Artists.
0:38.6	And investing in Universal Music through his main hedge fund.
0:41.8	What I can tell you is people are going to be listening to more music for more devices, in more
0:46.9	countries, and owning a royalty on people listening to music is really a great place to be. Plus, he said Hell is coming in March 2020
0:55.0	and made billions betting against the markets
0:58.0	at the worst of the pandemic fears.
1:00.0	Ackman's thoughts on the rebound and the rise of the variance.
1:03.5	I hope what it does is it motivates anyone who doesn't have a vaccine to get a vaccine.
1:07.5	I don't think it's going to change behavior to a great extent.
1:10.4	I think people are done, I am, with being in a cave.
1:15.0	It's Monday, July 19, 2021, Squawk Pod begins right now.
1:20.0	Stand under by in three, two, one, Q Andrew.
1:24.5	Good morning and welcome to Squawk Box right here
	...

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