Live Nation To Raise $800 Million Of Fresh Cash In Debt Sale

Live Nation is in a tough place, like many others, due to the widespread COVID-19 shutting down shows around the world. According to Deadline, Live Nation’s March quarter revenue fell 21% to $1.37 billion, and net losses widened to $185 million from $52 million.

Yesterday, the entertainment conglomerate announced it plans to offer $800 million worth of bonds for sale and will use proceeds from the offering for general corporate purposes.

Ticketmaster, a Live Nation subsidiary, furloughed a quarter of all its workers as part of an effort to cut operating costs by $500 million during the crisis.

Live Nation CEO Michael Rapino has said the company will be experimenting over the summer in smaller venues in more open states and countries, hopefully edging back towards something resembling a concert industry as we know it by 2021.

Deadline reports, “The company is also looking at masks, reduced capacity, ‘touchless concessions’ and expanded use of digital ticketing technology. He said it’s working with medical experts and public health officials on procedures, and with federal and state government in the U.S. and authorities in other countries to develop reopening phases for each market.”

via Deadline