Billionaire hedge fund manager Bill Ackman has proposed a deal to acquire Universal Music Group, one of the world's largest music labels, in a transaction valued at approximately $64-65 billion.

The complex acquisition proposal would need approval from Universal Music's existing shareholders before proceeding. Ackman, who runs the hedge fund Pershing Square Capital Management, has structured the deal as part of his investment strategy.

Universal Music Group is home to major recording artists and represents a significant portion of the global music industry. The company has benefited from the growth of streaming services and digital music consumption in recent years.

The proposed transaction would represent one of the largest deals in the entertainment industry if completed. However, the complex nature of the deal structure means it faces regulatory and shareholder approval processes that could affect its ultimate success.

Ackman's investment approach often involves taking significant stakes in companies he believes are undervalued or have growth potential. The music industry has seen increased investor interest as streaming revenues have grown substantially over the past decade.