New: Saudi Arabia buys $500 million stake In Live Nation
The government of Saudi Arabia has acquired a 5.7 percent stake in Live Nation, the parent company of Ticketmaster.
Based on Live Nation’s share prices as of 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 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 reducing costs, including salary reductions.
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