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.

More here and here.

Alan Cross

is an internationally known broadcaster, interviewer, writer, consultant, blogger and speaker. In his 30+ years in the music business, Alan has interviewed the biggest names in rock, from David Bowie and U2 to Pearl Jam and the Foo Fighters. He’s also known as a musicologist and documentarian through programs like The Ongoing History of New Music.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.