The deal requires Pershing to sell at least $500 million worth of its UMG holdings as part of the listing process.

Universal Music Group said on Wednesday that billionaire Bill Ackman-led Pershing Square has exercised its right to request an offering and secondary listing of the record label in the United States.

Music giant Universal Music Group (UMG) and Amazon Music unveiled an expanded global relationship on Monday that they said would "enable further innovation, exclusive content with UMG artists ...