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Saudi Arabia has taken a $500 million stake in promoter Live Nation, whose shares have been slammed as the coronavirus has brought this year’s schedule of concerts and sporting events across the country to a virtual standstill. Shares of Live Nation, which had recently fallen nearly 50 percent from all-time highs they reached in February …
Saudi Arabia has taken a $500 million stake in promoter Live Nation, whose shares have been slammed as the coronavirus has brought this year’s schedule of concerts and sporting events across the country to a virtual standstill.
Shares of Live Nation, which had recently fallen nearly 50 percent from all-time highs they reached in February before the coronavirus hit, were recently up up 11 percent at $42.45 on Monday.
The Persian Gulf state’s sovereign wealth fund acquired more 12.3 million shares amounting to a 5.7-percent stake in Beverly Hills, Calif.-based Live Nation, according to a securities filing Monday.
Live Nation has been particularly hard hit by the mass shut downs of concerts and public events. Its portfolio includes Ticketmaster and other ticketing services, venues, talent management and music festivals like Lollapalooza and Bonnaroo.
Earlier this month, the company announced furloughs, cost cuts and a new $120 million revolving loan facility to provide a cash cushion during the coronavirus crisis. Chief Executive Michael Rapino is forgoing his 2020 salary.
Live Nation and Ticketmaster were sued last week in a Northern California federal court as they have been reluctant to offer full refunds to customers, though they have since amended refund rules to address those complaints.
Prior to the pandemic, firms have been reluctant to take an investment from Saudi Arabia following the murder of journalist Jamal Khashoggi in October 2018. Ari Emanuel’s Endeavor returned a $400 million investment it received from the fund last year.
Many notable names from the world of media and entertainment also canceled an appearance at a major conference to be hosted in Riyadh called the Future Investment Initiative.
