Liberty Media Corporation, which owns a 34% stake in Live Nation, grew revenues by $144m in Q2 2016, boosted by LN's "very strong quarter"
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Live Nation shares rise by 11%, as significant shareholder Liberty Media Corporation pays off company loan
By Anna Grace on 20 Mar 2020
Liberty Media Corporation has repaid a £130 million margin loan to Live Nation, preventing any sale of its stock in the company.
Liberty, which owns almost 70 million shares in Live Nation, around 34% of the company, states that the payment means “there are no margin or other price triggers that could require a sale of the underlying stock.”
Following the repayment, Live Nation’s share price rose 11%, with the company’s market cap sitting at $7.06 billion.
Liberty, which is led by Live Nation chairman Greg Maffei, holds majority shares in satellite radio giant SiriusXM. The company acquired internet radio, streaming service Pandora Media in 2018 and motorsport series Formula 1 in 2016.
“There are no margin or other price triggers that could require a sale of the underlying stock”
Share prices of all major live entertainment companies have taken a hit in the past few weeks as the spread of Covid-19 continues to cause government-imposed lockdowns, event bans and tour and festival postponements across the world.
Both Live Nation and German live events giant CTS Eventim have seen their price dip by over 40% in the last two weeks due to fears around the virus. Like Live Nation, Eventim has experienced a rebound in the past day, with its share price rising by almost 10%.
The S&P 500 index, a measure of the stock performance of 500 large companies listed on US stock exchanges, has fallen by 29% in the last month. The index inched up by less than 1% following trading yesterday.
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