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Saudi Arabia Buys $500 Million In Live Nation Shares On The Open Market, Stock Rises

Saudi Arabia Buys $500 Million In Live Nation Shares On The Open Market, Stock Rises

Prince Mohammed bin Salman. Photo By: Senior Master Sgt. Adrian Cadiz.
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(CelebrityAccess) – The government of Saudi Arabia’s sovereign wealth fund has acquired a 5.7 percent passive stake in Live Nation Entertainment Inc.

The Saudi Public Investment Fund disclosed the stake, comprising 12,337,569, shares in a filing with the Securities and Exchange Commission. The investment in Live Nation, which has been valued at a reported $500 million, sent the concert promoter’s shares up by more than 2% in early trading on Monday.

Like many in the entertainment industry, Live Nation stock (ticker: LYV) has been hit particularly hard since global lockdowns have forced the company to postpone and/or cancel all of its events for the foreseeable future. While the concert promoter has implemented a number of financial measures to help it weather the ongoing pandemic, including opening a new $120 million revolving credit account, amending an existing credit agreement, and salary reductions, it has seen its share price slashed by nearly half since the beginning of 2020.

The Saudi Public Investment Fund also took a $775 million stake in Carnival Cruises earlier this month.

Public Investment is now Live Nation’s third-largest shareholder, according to S&P Capital IQ. John Malone’s Liberty Media (LSXMA), which owns a 33% stake, has the biggest holding.

Update: A rep for Live Nation provided an amplification on this story, noting that Saudi Arabia’s Public Investment Fund acquired the shares on the open market and not through a direct deal with Live Nation.


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