LOS ANGELES (CelebrityAccess) — On Thursday, one of Live Nation’s biggest investors Liberty Media announced that it had repaid a margin loan on behalf of the promoter-giant.
According to Liberty, the $130 million loan repayment, which they made with cash on hand, leaves Live Nation free of margin or other price triggers that could cause a sale of underlying stock in the immediate future.
Liberty Media is a major shareholder of Live Nation, owning 69.6 million shares and holding several seats on Live Nation’s board of directors.
Live Nation’s share price has been pummeled in recent days as the world comes to grips with the new economic realities of the global COVID-19 pandemic. Since late February, Live Nation has shed more than 50% of its market cap, sliding from more than $75 on February 20th to $34.3 at the time of writing this article.
However, today, their stock rebounded, up by 15% from the previous day’s close of $29.