The government of Saudi Arabia's sovereign wealth fund has acquired a 5.7 percent stake in Live Nation, the parent company of Ticketmaster
The government of Saudi Arabia's sovereign wealth fund has acquired a 5.7 percent stake in Live Nation, the parent company of Ticketmaster.
Based on Live Nation's share prices as of this writing, the investment is valued at just shy of $500 million. Live Nation's share price jumped at the news, rising by more than 2 percent in the first few minutes of trading. The investment is passive, and was purchased on the open market. 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.
The company has been taking action to bolster its liquidity amid the crisis, including opening a new $120 million revolving credit account, amending an existing credit agreement and significantly decreasing costs, including by reducing salaries.
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