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Coronavirus, Debt Crunch Hits Live Event Companies From Endeavor To Live Nation & AMC Entertainment
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deadline.com
deadline.comBy Mike Fleming Jr, Jill Goldsmith As the COVID-19 crisis crunches companies with high debt, major ratings agencies are keeping track.
A tally by S&P Global this week showed 107 companies across sectors put on negative credit watch or downgraded since the virus struck, including 22 in media and entertainment from Endeavor and UFC to Live Nation, AMC Entertainment, Cinemark, ViacomCBS parent National Amusements and Walt Disney.
S&P said it’s putting Endeavor and UFC on so-called CreditWatch with negative implications reflects pressure on revenue due to the spread of the coronavirus, S&P anticipates a mid-teens percent drop in events, media, and services revenue and a substantial decline in UFC’s live ticketing revenue.
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