After taking several hits to their stock price with the outbreak of COVID 19, LiveNation found itself a new major stockholder: The Government of Saudi Arabia. Yesterday morning, the Saudi Public Investment fund finalized the purchase of a 5.7 percent stake in the ticketing company. The total purchase amounted to about $500 million.
“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.”
This makes the government the third-largest shareholder in the company. This purchase is part of a grand effort to become a better tourist destination; the government dropped even more of an investment into Carnival Cruises to the tune of $775 million.
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