Chris Willman Music WriterIn a nearly three-hour presentation Wednesday morning, Pershing Square Capital founder Bill Ackman made his love for the music business — and the reasons for setting his sights on Universal Music Group — clear, saying, “I can’t think of an asset I’m more confident in being consumed over time. … You need food and water to live, but music comes next.”Given his choice between all those basic necessities, Ackman made his preference clear, adding that “you can’t license IP from food and water.”Ackman’s comments came in a webcast for Pershing Square’s shareholders in which he explained the reasons for spending $4 billion to obtain 10% of UMG, the world’s largest music company, making the investment sound like a relative.
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