LYV - Why Live Nation Stock Popped Today
Shares of Live Nation (NYSE: LYV) have popped today, up by 10% as of 1:50 p.m. EDT, after Saudi Arabia's sovereign wealth fund disclosed that it had acquired a 5.7% stake in the live event specialist. The stake is valued at around $500 million.
In an SEC filing, the oil-rich nation's Public Investment Fund (PIF) said it had scooped up over 12.3 million shares, representing roughly 5.7% of Live Nation's 215.2 million shares outstanding. That makes Saudi Arabia the company's third-largest shareholder. Liberty Media remains Live Nation's largest shareholder, with 69.6 million shares, or a 33% stake.
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