Bill Ackman Has Had a Vision of Musical Utopia

“Meet the new boss, same as the old boss,” sang The Who. A similar vibe hangs over billionaire Bill Ackman’s $65 billion takeover proposal to move Amsterdam-listed Universal Music Group NV to the US, sell its stake in Spotify Technology SA and return more cash to shareholders.

The idea that this would be enough for “new UMG” to almost double the current one’s valuation doesn’t add up at a time when artificial intelligence is creating doubts about the industry’s future. And it’s unlikely on its own to tempt dominant shareholders such as French tycoon Vincent Bollore. The proverbial fat lady has yet to sing.