Live Nation has reportedly furloughed 20% of its staff, as cost-saving measures surrounding Covid-19 continue.
Billboard reports that approximately 2,100 of 10,500 employees are now making use of the furlough scheme, after Live Nation announced in April that it was aiming to cut costs by $500m. CEO Michael Rapino (pictured) announced he would be giving up his $3m salary in order to support the business.
Two weeks after that announcement, the Saudi Arabian government’s Public Investment Fund (PIF) invested $450m in Live Nation stocks. The move appears to represent a diversification away from oil reliance in Saudi Arabia, which is investing in its growing live scene.
Meanwhile, Live Nation is also raising $1.2bn in debt, which will be due in 2027, in order to help the company weather the storm of Covid-19. The money will give Live Nation roughly $3bn of liquidity going into a mostly empty summer season.
Live Nation is a global concert promoter that owns a number of festivals in the UK, including Wireless, Download, Latitude and Reading/Leeds festivals.