The stake is said to be worth around $518M, and the stock price of Live Nation has risen 10%.
Live Nation is in financial trouble because of the lockdown around the world due to the coronavirus pandemic.
The fact that people must stay in their houses has hit the events industry hard, especially as lots of summer concert tours and the like have been canceled.
CNBC adds in their report about a specific football club called Newcastle United based in Britain:
“The apparent investment spree has even extended to sports — the Saudi fund is currently said to be in the final stages of a deal to take over Britain’s Newcastle United soccer club with an 80% stake worth £300M ($372M).”
We are expecting that deal to but Newcastle to be announced sometime this week, but we also said that the last two Mondays.
But it may just happen this time?
The article also talks about PIF find itself:
“It oversees more than $300 billion in assets and has stakes in numerous major companies ranging from Uber and electric vehicle company Lucid Motors to a $45 billion investment in Softbank’s $100 billion Vision Fund.”
And the vision of Saudi Arabia for the next 10 years:
“The Public Investment Fund is the kingdom’s primary vehicle for expanding its domestic and international investments and is a key part of Saudi Crown Prince Mohammed bin Salman’s “Vision 2030″, which is aimed at diversifying the country’s economy away from oil reliance.”
What do you think?