Saudi wealth fund builds $500m Live Nation stake | Financial Times:
Saudi Arabia’s sovereign wealth fund has built a $500m stake in battered concert promoter Live Nation, marking the Gulf kingdom’s latest big bet on a troubled company in recent weeks as it scours global markets for bargains.
The Public Investment Fund, the Saudi vehicle steered by Crown Prince Mohammed Bin Salman, has acquired a 5.7 per cent stake in the Los Angeles-based entertainment group, according to a US regulatory filing. Shares in Live Nation climbed 6.7 per cent to $40.78 just before midday in New York, giving it a market value of $8.8bn.
In recent weeks the PIF has snapped up stakes in beleaguered cruise line operator Carnival and European oil companies including Royal Dutch Shell and Total, whose shares have been hit by the collapse in crude prices. It also agreed a £300m deal to buy a majority stake in English Premier League football club Newcastle United.
Live Nation is among the hardest-hit media companies in the coronavirus crisis, with more than 30,000 events cancelled or postponed across the world.
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