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Home EDM News

Government of Saudi Arabia Buys $500 Million Stake in Live Nation

by Matthew Meadow
April 27, 2020
in EDM News
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.

 

via Hollywood Reporter

Tags: $500 million5.7 percentLive NationSaudi ArabiaSharesstakestockholder
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Matthew Meadow

Matthew Meadow

Lover of all bass music. I'm not afraid to speak my mind and put it to paper, and I do it often. I call Los Angeles my home, there's no better place for emerging EDM. Get in touch with me more via email or Twitter.

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