Universal Music Group, the label behind artists like Taylor Swift, Billie Eilish and Kendrick Lamar, rejected a takeover proposal worth €55.75 billion (over ₹6 lakh crore) from ‌billionaire Bill Ackman's investment firm. Universal's board said the offer "materially undervalues" the company and would not fuel its growth. The bid would have seen Universal listed as a new company in US.