Pershing Square Capital Management’s Bill Ackman is eyeing a 10% stake in Universal Music Group, to be purchased by his special-purpose acquisition company. Vivendi-owned UMG, the world’s biggest music company, is headed for an IPO later this year. The hedge fund billionaire announced nearly a year ago his interest in aligning with a corporation of such size for his SPAC known as Pershing Square Tontine Holdings. The discussions place the valuation of UMG — home to Lady Gaga, Taylor Swift and Drake, among many others — at $40 billion.