Government of Saudi Arabia Buys $500 Million Stake in Live Nation
Live Nation has been hit hard by COVID-19. As one of the world’s largest events promoters, and with essentially all concerts and sporting events around the world on hold, the company is the definition of between a rock and a hard place.
The government of Saudi Arabia’s sovereign wealth fund has taken advantage of the economic downturn and has acquired a 5.7 percent stake in Live Nation, comprising 12,337,569 shares, valued at approximately $500 million.
In reaction to the new, the share price of Live Nation jumped by more than 2 percent just a few minutes after trading began. Writes Hollywood Reporter, “The Saudi Public Investment Fund is now the company’s third-largest shareholder, with John Malone’s Liberty Media the largest individual shareholder with a 33 percent stake.”
Overall, the company’s share price is down by more than 40 percent from the beginning of the year, thanks largely to the pandemic.
