Live Nation, the world's largest concert promoter, just got a massive investment that could help it stay afloat as it prepares for at least a year with no live events.
On Monday, Saudi Arabia's Public Investment Fund bought a $500 million stake in Live Nation. That's a little more than 12 million shares, and makes Saudi Arabia the third-largest shareholder with 5.7% ownership.
News of the investment also helped Live Nation's stock rise.
Due to the coronavirus pandemic, large public events around the world have been put on hold, and there's no sure date that they'll be back.
Ticket Master, which is owned by Live Nation, also began its Ticket Refund Plan. The company will issue full refunds or a credit worth 150% of purchase price to ticket holders whose events were canceled or postponed due to the pandemic.
Ticket Master and its parent company have been sued over their reluctance to give refunds for events postponed or canceled because of the virus.