Saudia Arabia purchases $500 million stake in Live Nation

The Saudi Arabian government’s sovereign wealth fund has recently purchased approximately $500 million worth of stock from Live Nation, representing a 5.7 percent ownership of the company’s shares. The purchase was disclosed by the Saudi Public Investment Fund earlier this week, which amounts to an investment of 12,337,569 shares into the company and now marks the Saudi governemtn as Live Nation’s third-largest shareholder.

Shortly after the purchase was announced to the public, Live Nation’s stock prices rose with a 2 percent increase as trading opened earlier this week. The company’s share prices dropped by approximately 40 percent since January 1st, due largely to the ongoing spread of coronavirus, which has left a crippling impact on the ticketing and events company. Among the recent wave of cancelled and postponed shows, Live Nation has released their refund plan which offers ticket holders the option to receive a full refund for their purchase or a 150 percent credit to purchasing future tickets through the platform.

H/T: The Hollywood Reporter