Saudi Arabia's sovereign wealth fund bought a $500 million stake in coronavirus-hit Live Nation, which is parent to Ticketmaster.
Shares of Live Nation popped about 10% on Monday on the news that Saudi Arabia's sovereign wealth fund bought a 5.7% stake in the American events company, which is parent to Ticketmaster.
The purchase follows numerous reports of the Saudi wealth fund buying stakes in companies whose stock prices have been obliterated by the Covid-19 pandemic.popped about 10% on Monday on the news that Saudi Arabia's sovereign wealth fund bought a 5.7% stake in the American events company, which is parent to Ticketmaster.
Live Nation's stock price closed at $42.01 on Monday, up 9.86% from the previous day. With prospects for concerts dashed for what may be the rest of the year or longer, the stock is down more than 40% year-to-date. The company is currently implementing hiring freezes and furloughs, and has implemented 50% pay cuts for top executives, with its CEO Michael Rapino nixing his full salary.
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