Live Nation Entertainment on Wednesday announced plans to offer bonds worth $ 800 million for sale and use the proceeds of the offering for general corporate purposes.
The move comes as media and entertainment companies continue to raise cash cushions as their finances are shaken by COVID-19. The Beverly Hill-based producer, promoter and parent of Ticketmaster last month announced a $ 120 million revolving credit facility and expects $ 500 million in cost cuts this year, including cuts. salary for CEO Michael Rapino and other senior executives.
Deadline announced last week that Live Nation’s revenue for the March quarter fell 21% to $ 1.37 billion. Net losses widened to $ 185 million from $ 52 million. Virus-related closures took place across much of the world in March.
Rapino said the company will experiment over the summer in smaller venues in more open states and countries, hoping to return to something resembling a concert industry as we know it by 2021.
Some 65,000 Ticketmaster shows and 9,000 Live Nation shows have been affected by the spread of COVID-19. Most ticket holders have chosen to wait for postponed events instead of asking for refunds and, based on polls, seem willing to return to venues if they are sanitized and there is easy access to the venue. hand sanitizer.
The company is also considering masks, reduced capacity, “contactless concessions” and increased use of digital ticketing technology. He said he was working with medical experts and public health officials on the procedures, as well as with the US federal and state governments and authorities in other countries to develop reopening phases for each market.