The billionaire investor told the board he would step down due to new obligations stemming from his company's other investments.
The Chinese streaming platform says it bought $327 million worth of Universal's stock in mid-March, adding to a stake it had in UMG through a consortium of investors.
The sale on the Euronext Amsterdam exchange is separate from Pershing Square’s plan to force a listing on a U.S. exchange.
Pershing Square Holdings will sell some of its 10.25% stake in UMG for a listing on a U.S. exchange by September.
