Bill Ackman’s $60 billion bid for Universal Music Group, the record label behind Justin Bieber and Olivia Rodrigo, is classic Ackman: a second bite at a complicated apple.

UMG shareholders can receive either cash or stock in the new entity, which would be reincorporated in the US and funded in part by selling off its €1.5 billion stake in Spotify, new borrowing, and retiring shares.

The deal also relies on profit projections that are 15% above what analysts think is likely.

This is Ackman’s second run at Universal — the company rebuffed his 2021 bid — and a revival of his blank-check (with a twist) vehicle, which he had previously considered trying to merge with X, Airbnb, or Bloomberg.

It’s also launching during a busy time for Ackman, who is taking his management company public and dealing with a nasty employment dispute to which he devoted 2,400 words on X on Sunday.

Even for the billionaire, no stranger to ends-of-the-earth fights or clever financial structures, it’s a lot.

Correction: This article has been updated to reflect the correct currency for UMG’s Spotify stake.