Saudi Arabia has invested in the entertainment industry

US, WASHINGTON (ORDO NEWS) — The Saudi State Investment Fund has bought a 5.7% stake in American Live Nation, the world’s largest organizer of concerts and events. On this news, Live Nation papers went up 10% immediately.

According to the US Securities and Exchange Commission, the Saudi fund has invested about $ 518 million in an American company. At the same time, the deal took place against the backdrop of a sharp drop in revenues associated with the cancellation of events around the world due to the coronavirus pandemic.

Saudi investments make it the third largest shareholder of Live Nation after Liberty Media Corp and the Vanguard Group.

Since the beginning of the year, Live Nation shares have lost about 40% of their value.

The parent company of one of the largest Ticketmaster ticketing services incurs losses due to the need to refund for canceled concerts and events. Live Nation has already sent some employees on unpaid holidays, and reduced the other part. Salaries of top managers were cut by 50%, and the CEO of the company Michael Rapino refused to pay at all.

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