Even the biggest live entertainment company of all isn’t immune from the impact that the Covid-19 pandemic is having on the industry. Live Nation has arranged a new ‘incremental revolving credit facility’ of $120m, extending its available debt capacity to $940m in total.
Meanwhile, the company is also cutting costs: “salary reductions, with salaries for senior executives reduced by up to 50%, and the company’s CEO voluntarily forgoing 100% of his salary for the duration of the salary reduction program” as well as “hiring freezes, reduction in the use of contractors, rent re-negotiations, furloughs, and reduction or elimination of other discretionary spending, including, among other things, travel and entertainment, repairs and maintenance, and marketing”.
However, in separate news, its Ticketmaster subsidiary has acquired Rival, the ticketing company launched in 2018 by former Ticketmaster CEO Nathan Hubbard. “Hubbard raised more $30 million for Rival as part of its effort to develop a challenger to Ticketmaster, but the company never sold a ticket,” noted Billboard.
Image by Piotr Swat / Shutterstock