Saudi Arabia has bought a 5.7 percent stake in the California concert promoter Live Nation, which is active all over the world. This shows in documents that were sent to the American stock exchange committee on Monday.
The Saudi investment in the largest concert organizer in the world would be worth half a billion dollars (about 460 million euros). Ryad now has a package of 12,337,569 shares in Live Nation.
Live Nation has been hit hard by the corona measures worldwide because festivals and concerts had to be cancelled or postponed to a later date. The concert promoter ventures from 8,000 affected shows from mid-March to March 31. For those shows 15 million tickets have been sold. Ten percent of these were canceled concerts.