The government of Saudi Arabia has acquired a 5.7 percent stake in Live Nation, the parent company of Ticketmaster.
Live Nation‘s stock price in February was at around $75 and when the market crashed, fell down to $29.
According to The Hollywood Reporter, The Saudi Public Investment Fund disclosed the purchase of 12,337,569, shares in a public filing with the Securities and Exchange Commission this morning.
Based on the value of the stock, the investment is valued at just $500 million, leading to shares of Live Nation to jump yesterday to over $41.
The Saudi Public Investment Fund is now the company’s third-largest shareholder, with Liberty Media the largest individual shareholder with a 33 percent stake.
Live Nation has been hit pretty hard during coronavirus pandemic after not being able to issue full refunds to customers leading to terrible publicity and lawsuits.
