LYV - Live Nation Aiming to Cut $500 Million in Costs in 2020
Faced with a sudden drop-off in key segments of its business, Live Nation Entertainment (NYSE: LYV) is planning on making significant reductions in spending. The company announced in a business update Monday that aims to reduce its costs by $500 million this year.
It is doing this, in part by "reducing advances in both its ticketing and concert businesses, reassessing all capital expenditure projects and evaluating all other cash deployment activities," it wrote in its announcement.
Live Nation's top executives are also taking salary cuts. CEO Michael Rapino is entirely foregoing his annual base pay of $3 million, while others have accepted 50% reductions.