UMG Management Held Preliminary Buyout Talks With Three Firms, People Say

Universal Music Group management held preliminary discussions with Apollo Global Management, TPG and Blackstone about taking the company private earlier this year, people familiar with the conversations said.

The people familiar with the conversations said the talks did not progress and UMG did not begin a formal sale process. Those people said UMG’s board was aware of the discussions.

Separately, UMG’s board rejected an unsolicited, nonbinding proposal from Pershing Square Capital Management on May 29. The board said the proposal was “not in the best interests of UMG, its shareholders, artists, songwriters, employees and other stakeholders.” UMG shares are listed on Euronext Amsterdam.