Saudi Arabia just bought 5.7% of Live Nation
Live Nation has taken a very hard hit with the coronavirus. As the world’s largest concert promoter, what do you do when there are no concerts to promote? Call in Saudi Arabia, that’s what.
With a desperate need for cash to hang on until all this COVID-19 nonsense is over, the Saudi government–specifically the Saudi Public Investment Fund–has taken a 5.7% stake in the company, a nut worth just under US$500 million. This makes the Saudis the third-largest shareholder in Live Nation.
Gee, it must be bad if you’re happy to take money from the country that murdered Jamal Khashoggi. Let memes featuring MBS begin.
