The government of Saudi Arabia's sovereign wealth fund has acquired a 5.7 percent stake in Live Nation, the parent company of Ticketmaster.The Saudi Public Investment Fund disclosed the stake, comprising 12,337,569, shares in a filing with the Securities and Exchange Commission on Monday morning.Based on Live Nation’s share prices as of this writing, the investment is valued at just shy of $500 million.
Live Nation's share price jumped at the news, rising by more than 2 percent in the first few minutes of trading. The investment is passive, and was purchased on the open market.Live Nation has been hit particularly hard by the novel coronavirus pandemic, with essentially all concerts and sporting events around the world on hold.
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