Corona Capital latest: United Airlines hocks its MileagePlus loyalty program for $5 bln from Goldman; Lagardere tries selling Parisian nightlife venues at perhaps the worst time ever. Read more:
Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.United Airlines is reaching deep. The Chicago-based carrier is using its loyalty program to back a $5 billion loan led by Goldman Sachs, the company. The MileagePlus program, which has over 100 million members, brings in some $2 billion in EBITDA annually through partnerships with hotels, rental car companies, and others.
Even though President Emmanuel Macron has announced the lifting of many lockdown measures, large gatherings remained banned. No wonder potential buyers such as rival Vivendi and concert organiser Live Nation Entertainment – the latter nursing a 32% year-to-date decline in its shares – dismissed the price as too high, the paper reported. Still, if live music does return, the venues could fit nicely with Vivendi owner Vincent Bollore’s existing portfolio.
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