Universal Music Group is repurchasing a large portion of its shares from Pershing Square, the investment firm founded by billionaire Bill Ackman, according to multiple outlets. The move comes shortly after Universal Music rejects a takeover bid proposed by Pershing Square. Bloomberg reports that Ackman is set to exit his Universal Music stake, while The Hollywood Reporter describes the sale as ending a prolonged and strained relationship between Ackman and the company over the past several years. Variety adds that Universal Music will buy back more than 14.2 million shares from Pershing, valued at about $290.5 million (roughly €250 million). Together, the reports indicate a negotiated sellback by Ackman’s firm rather than a successful acquisition by Pershing Square. The buyback finalizes the immediate outcome of the failed bid and consolidates Universal Music’s position as the world’s largest music company. The outlets also frame the transactions as part of an effort by Ackman to reduce or fully exit his holding after the rejection.