April 27, 2020 / 2:46 PM / a month ago

Saudi Arabia's PIF discloses 5.7% stake in Live Nation

(Reuters) - Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), disclosed a 5.7% passive stake in Live Nation Entertainment Inc (LYV.N) on Monday, sending the concert promoter’s shares up 2% in early trading.

The ownership of 12.34 million shares makes the investment fund the third-largest stakeholder in the company, according to Refinitiv data.

PIF, which manages over $300 billion in assets, disclosed an 8.2% stake in coronavirus-hit Carnival Corp (CCL.N) earlier in April.

Live Nation is an entertainment company that promotes events including ticketing, sponsorship and advertising services.

The company, whose shares are down 44% so far this year, warned of a hit to its business earlier in April as a result of postponement or cancellation of shows due to the coronavirus pandemic.

Liberty Media Corp (FWONA.O) is the largest shareholder in Live Nation, with a 25.05% stake, followed by Vanguard, which has a 7.09% stake according to Refinitiv data.

Reporting by Ayanti Bera in Bengaluru; Editing by Anil D'Silva

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