Liberty Media Corp., a holding company with a diverse portfolio of media investments, including in Live Nation Entertainment, said Thursday it has fully repaid the live event company’s margin loan using a portion of cash on hand.
“With the payment of $130 million, there are no margin or other price triggers that could require a sale of the underlying stock,” Liberty said in a press release. Live Nation shares rose more than 9% in a volatile market. The company’s stock and its financials have been slammed by the coronavirus as live events and gathering are canceled around the world. Ratings agencies have expressed concern about the company’s ability to weather the storm given its debt obligations.
Liberty Media owns approximately 69.6 million sha res of Live Nation common stock.
Complex Liberty Media Corporation operates and owns interests in a broad range of media, communications and entertainment businesses under three tracking stock group – Liberty SiriusXM Group, the Braves Group and the Formula One Group – which includes its subsidiary Formula 1, its interest in Live Nation and minority equity investment in AT&T.
