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   DealBook: Bill Ackman faces the music
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   A SPAC deal like no other.
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             June 4, 2021
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                  And the award for the biggest, most complicated SPAC deal goes to...
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                  Ian West/Press Association, via Associated Press
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             A SPAC deal like no other
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             Bill Ackman’s jumbo-sized SPAC has finally found its big deal: It is
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              closing in on an agreement
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             to buy a 10 percent stake in Universal Music Group, the home of artists like Taylor Swift, at a $42 billion valuation. If completed, the transaction would be the biggest involving a SPAC to date — and it would certainly be among the most complex.
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              Here’s how it would work — buckle up, because this is complicated:
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              <span style="font-size:17px;line-height:25px">
               Ackman’s SPAC, Pershing Square Tontine Holdings, invests $4 billion of its cash for a 10 percent stake in Universal, which is currently owned by the French conglomerate Vivendi (80 percent) and China’s Tencent (20 percent).
              </span>
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             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Vivendi had already been planning to take Universal public in Amsterdam; those plans will go ahead, meaning that unlike a traditional SPAC deal, Pershing Square Tontine won’t give Universal its stock listing. SPAC investors would instead get Universal’s shares when it later goes public.
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              <span style="font-size:17px;line-height:25px">
               There would still be $1.5 billion left in the SPAC, and that would be rolled into a new publicly traded vehicle into which Ackman’s Pershing Square hedge fund could put more money. That vehicle — which is a SPARC, not a SPAC, and more on that in a second — would then look for
               <span style="font-style:italic;font-size:inherit">
                another
               </span>
               acquisition target.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              What’s the point of all this financial engineering?
             </span>
             This complex transaction is unlike any other SPAC deal, and in many ways doesn’t resemble a SPAC at all. Vivendi is a clear winner, since it would get another major investor for Universal at a higher valuation than Tencent had given the music label earlier this year. The outcome for Pershing Square Tontine’s various investors is more complicated, since it won’t work like a traditional SPAC:
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              <span style="font-size:17px;line-height:25px">
               Ackman’s hedge fund would end up owning 29 percent of the SPARC (a Special Purpose Acquisition
               <span style="font-style:italic;font-size:inherit">
                Rights
               </span>
               Company), giving it a greater percentage of the vehicle than it had in the original SPAC.
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               SPAC investors would receive a stake in the new SPARC, which unlike SPACs won’t have a two-year time limit to find a deal. When all is said and done, the new SPARC could have up to $10.6 billion to spend on a new takeover.
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               Investors won’t get a vote on the SPAC’s Universal deal — if one is reached — or whatever future transaction the SPARC makes. And there’s no guarantee that the SPARC will find a suitable deal, especially since Pershing Square Tontine
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                had struggled to identify a suitable target
               </a>
               .
              </span>
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              Investors appear wary of the deal.
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             Shares in Ackman’s SPAC plunged 14 percent in after-hours trading after news reports about the Universal transaction emerged, but at the time of writing were down 7 percent. They remain above the blank-check firm’s $20 I.P.O. price, but down from a high of more than $30 a few months ago.
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             HERE’S WHAT’S HAPPENING
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              Has the job market bounced back?
             </span>
             The Labor Department is set to publish May jobs data at 8:30 a.m. Eastern, and a lot is at stake given the previous month’s shockingly low numbers. Economists expect to see
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a sharp rebound
             </a>
             in hiring, but another weak showing might aid arguments that overly generous unemployment benefits are deterring people from seeking work.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              President Biden offers more cuts to his infrastructure plan to win bipartisan support.
             </span>
             In proposing to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              further limit spending
             </a>
             and delay some tax increases, the president is hoping to win over moderate Republican senators. The gambit appeared to generate little support, however, and progressive Democrats are pushing him to pass the bill along party lines.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The E.U. and U.K. open their first formal antitrust investigation into Facebook.
             </span>
             The
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              inquiry will examine
             </a>
             whether Facebook improperly uses data gathered from advertisers to compete against them in classified ads. It is a similar investigation to the one being pursued
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              against Amazon
             </a>
             .
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              More sponsors of the Tokyo Olympics call for a delay.
             </span>
             Several corporate backers are privately encouraging organizers to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              push the games back
             </a>
             by several months to allow more spectators to safely attend, The Financial Times reports.
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              The White House urges companies to shore up defenses against ransomware.
             </span>
             Federal cybersecurity officials called on corporate America to
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              adopt the same protective measures
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             that the government and contractors use. It’s part of a rushed effort to protect critical infrastructure in the wake of two hacks that crippled a vital oil pipeline and a giant meat processor.
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             The U.S. economy is 93.03 percent recovered
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             At least, that’s according to the latest reading of the “recovery tracker” compiled by Oxford Economics. The index combines a range of high-frequency statistics — Covid cases, hotel stays, job postings, mortgage applications and the like — to gauge economic activity in relation to late January, before the pandemic turned everything upside down.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The gains are not evenly shared.
             </span>
             Like so many
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              other aspects
             </a>
             of the recovery, the effects are unequal. In the latest weekly reading, just under half of states improved and the rest were flat or down.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “The shareholders should authorize more shares.”
            </h2>
           </td>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Adam Aron, AMC’s C.E.O.,
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               making the case
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              for more stock sales in an hourlong interview on the “
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               Trey’s Trades
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              ” YouTube channel. On Thursday morning, AMC said it would issue more than 11 million shares “from time to time,” and then a few hours later said it had sold the lot for
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               nearly $590 million
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              . The meme-stock darling has raised some $1.6 billion this way so far this year, taking advantage of its surging price to build up a large cash cushion. It doesn’t have many shares left it can sell, so it will ask shareholders at its upcoming meeting for permission to issue more.
             </span>
            </p>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Calling B.S. on a theory about pointless jobs
            </h2>
           </td>
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        </table>
       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The anthropologist
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              David Graeber
             </a>
             popularized the notion that, as he saw it, many workers waste their lives on meaningless tasks that they know have little social value. The theory,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              which used a barnyard epithet
             </a>
             to describe socially useless jobs, struck a chord and was embraced by some academics and politicians to criticize the modern economy. But the theory itself might be B.S., according to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a new empirical study
             </a>
             that questions Graeber’s methods.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Very few jobs are “intrinsically and objectively” B.S.,
             </span>
             the lead researcher, Magdalena Soffia of Cambridge University, told DealBook. Graeber said that people are increasingly driven to useless jobs in fields like engineering, law and finance by student debt and “
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              managerial feudalism
             </a>
             .” Valuable and fulfilling work includes manual labor, public service and the arts, he posited, but these don’t pay well. The new analysis, which tested five of his hypotheses against extensive data sets from the E.U., showed workers did not feel nearly as bad about their jobs as Graeber believed, whatever they did for a living, and that the share of people who said their work was useless was “low and declining” over time.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Hedge fund managers and corporate lawyers topped Graeber’s B.S. jobs list.
             </span>
             (He was, after all, “
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              the house theorist of Occupy Wall Street
             </a>
             ,” The Times wrote in 2011). But few people in the new study felt the futility he described. Ultimately, only about one in 20 felt they had a B.S. job, even though all experienced some frustrations. For those, there are fixes, Soffia said: “We are not doomed. There is a lot that can be done to improve the quality of existing employment.”
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              “Empiricism always wins,”
             </span>
             said Louis Hyman, the director of the Institute for Workplace Studies at Cornell. He calls the research, which he was not involved in, a “meaningful contribution.” Graeber’s theory was catchy, Hyman said, but it distracted from more important questions about work: Are people paid enough and do they have power? Do they feel like a machine or a person? Can work provide a stable life? As businesses and lawmakers
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              puzzle over a labor shortage
             </a>
             , those issues are especially pressing. It’s not work itself that’s B.S., but certain conditions can be, Hyman said.
            </p>
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             THE SPEED READ
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              Deals
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               Getir, one of the biggest on-demand grocery delivery apps, has raised $550 million at a $7.5 billion valuation. (
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                FT
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