The Public Investment Fund, Saudi Arabia’s sovereign-wealth fund, recently purchased a large stake in Live Nation Entertainment, the world’s largest live-entertainment company, according to S…
Entertainment, the world’s largest live-entertainment company, according to SEC filings released Monday.
Public Investment disclosed that it owned a 5.7% stake in the company, a total of 12.3 million shares. The fund’s stake in Live Nation rose above 5% as of April 16. Public Investment is now Live Nation’s third-largest shareholder. Liberty Media, which owns a 33% stake, is the largest. Live Nation shares were lifted by the investment news on Monday morning, rising along with the broader market with gains in the 3% range. Shares were hovering around the $39 mark in early trading. Live Nation’s share price is down about 45% for the year to date amid the pandemic-related lockdown that shuttered most of the promotion giant’s business. In mid-February, before the coronavirus crisis began in earnest in the U.S., Live Nation shares were above $75.
Contacted by Variety, a rep for Live Nation had no comment. Public Investment did not immediately respond to requests for comment. The live-entertainment business — the primary revenue generator of the music industry — has been hit exceptionally hard by the coronavirus pandemic, with virtually every tour and concert taking place over the next few months postponed or cancelled. While touring-industry trade publication Pollstar projected a $12.2 billion year for the industry based on concert grosses from the first fiscal quarter of 2020 , those projections changed virtually overnight: It now lowers that estimate to $9.
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