Variety: Saudi Arabia’s Public Investment Fund Acquires $500 Million Stake in Live Nation

Aries

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The Public Investment Fund, Saudi Arabia’s sovereign-wealth fund, recently purchased a large stake in Live Nation Entertainment, the world’s largest live-entertainment company, according to SEC filings released Monday.

Public Investment disclosed that it owned a 5.7% stake in the company, a total of 12.3 million shares valued at approximately $500 million. The fund’s stake in Live Nation rose above 5% as of April 16, according to the filing. Public Investment is now Live Nation’s third-largest shareholder; Liberty Media, which owns a 33% stake, is the largest.

Live Nation shares were lifted by the investment news on Monday morning, rising along with the broader market with gains in the 3% range. Shares were hovering around the $39 mark in early trading. Live Nation’s share price is down about 45% for the year to date amid the pandemic-related lockdown that shuttered most of the promotion giant’s business. In mid-February, before the coronavirus crisis began in earnest in the U.S., Live Nation shares were above $75.

 
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