Today is shaping up negative for Live Nation Entertainment, Inc. (NYSE:LYV) shareholders, with the analysts delivering...
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Grupo Televisa said on Tuesday it would consider its legal options after talks with U.S. firm Live Nation Entertainment failed to reach an accord over the latter's decision to pull out of a deal with the Mexican broadcaster. Last July, Televisa said it had agreed to sell its stake in Mexican entertainment firm Ocesa to Live Nation for around $290 million as part of the U.S. company's acquisition of 51% of Ocesa. Televisa held 40% of Ocesa and Mexican entertainment firm Corporacion Interamericana de Entretenimiento (CIE) around 11%.
Live Nation Entertainment (NYSE: LYV) is shoring up its capital base with a new issue of debt. Live Nation will utilize the proceeds of the notes sale "for general corporate purposes." In Live Nation's first quarter -- the final weeks of which saw the imposition of stay-at-home mandates throughout the world -- the company suffered a 21% year-over-year drop in revenue, fueled by declines in its always-critical concerts category.
Live Nation Entertainment (LYV) has announced that it priced and upsized an offering of $1.2 billion of its 6.5% senior secured notes due 2027.The size of the notes offering has now been increased from the previously announced offering size of $800 million.The notes will have an interest rate of 6.5% per annum and will be issued at a price equal to 100% of their face value. The closing date of the notes offering will be May 20, 2020, subject to customary closing conditions, says LYV.“The company intends to use the net proceeds from the offering for general corporate purposes, including fees and expenses related to the offering” LYV stated.On May 11 Berenberg analyst Brett Knoblauch reiterated his hold rating on the US venue operator and events promotor, while dropping his price target from $47 to $40.“Live Nation’s business has been severely affected by the COVID-19 crisis” he writes. “While the company has taken numerous measures to preserve cash and shore up its balance sheet, we believe the impact will last for the entirety of 2020.”According to Knoblauch, the biggest question is whether demand will return to pre-pandemic levels and what potential venue capacity constraints will be implemented by local government authorities.He writes: “the biggest uncertainty for Live Nation is whether consumers will want to attend live events prior to when a vaccine or better treatment for COVID-19 is developed.”Shares have sunk 48% on a year-to-date basis, although the stock’s Street consensus remains a cautiously optimistic Moderate Buy. The average analyst price target of $54 indicates 45% upside potential lies ahead. (See Live Nation stock analysis on TipRanks).Related News: Intelsat SA Sinks 18% On Bankruptcy Filing Mastercard Sees Steady Improvements As Spending Begins To Recover Uber Announces $750M Notes Offering, As GrubHub Takeover Reports Swirl More recent articles from Smarter Analyst: * GM Delays Some Production Shifts At 3 U.S. Truck Plants - Report * Gilead’s Remdesivir Most ‘Beneficial’ In Covid-19 Patients Who Need Extra Oxygen, Study Shows * KKR Invests $1.5 Billion in Reliance’s Jio Platforms In Biggest Deal In Asia * Tesla Asks China To Build Model 3 Cars With LFP Batteries - Report
Live Nation's Ba3 corporate family rating (CFR), Ba3-PD probability of default rating, Ba2 senior secured credit facilities ratings, B1 senior unsecured notes ratings, SGL-1 speculative grade liquidity rating, and negative outlook remain unchanged. Live Nation's Ba3 CFR benefits from: (1) good market position, enhanced by established relationships with performing artists which create substantial entry barriers; (2) predictable cash flow due to its established platform for concert promotions and ticketing; (3) very good liquidity; and (4) good growth prospects especially in emerging markets, where there is growing consumption of live events as middle-class incomes rise.
Live Nation (LYV) delivered earnings and revenue surprises of -38.24% and -6.20%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Live Nation Entertainment, Inc. (NYSE: LYV) today announced the completion of its previously announced offering of $1.2 billion in aggregate principal amount of 6.5% senior secured notes due 2027. As previously announced, due to overwhelming investor demand the offering was upsized to $1.2 billion from $800 million. Proceeds from the transaction will be used for general corporate purposes.
KlaymanToskes ("KT"), www.klaymantoskes.com, announced today that it is investigating damages sustained by current and former employees and investors of Live Nation Entertainment (NYSE:LYV) ("Live Nation") who held large, unhedged concentrated positions in Live Nation stock and/or received margin calls resulting in the forced sale of stock. The recent losses were the result of unsuitable advice during the Coronavirus ("COVID-19") pandemic. The investigation focuses on full-service brokerage firms’ negligence and failure to supervise the management of concentrated, leveraged positions in Live Nation stock.
Live Nation Entertainment, Inc. (NYSE: LYV) (the "company") today announced that it priced and upsized an offering of $1.2 billion in aggregate principal amount of its 6.500% senior secured notes due 2027 (the "Notes"). The size of the Notes offering was increased from the previously announced offering size of $800 million.
At this time, I'd like to welcome everyone to the Live Nation Entertainment's First Quarter 2020 Earnings Conference Call. Before we begin, Live Nation has asked me to remind you that this afternoon's call will contain certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ including statements related to the company's anticipated financial performance, business prospects, new developments and similar matters. Please refer to Live Nation's SEC filings, including the risk factors and cautionary statements included in the company's most recent filings on Forms 10-K 10-Q and 8-K for a description of risks and uncertainties that could impact the actual results.
Q1 2020 Live Nation Entertainment Inc Earnings Call
Live Nation Entertainment Inc. is planning to issue $800 million in senior secured notes that mature in 2027 in a private deal. The ticketing company said it will use the proceeds for general corporate purposes. Shares rose 2.5% premarket but are down 47% in the year to date, while the S&P 500 has fallen 11%.
(Bloomberg) -- Live Nation Entertainment Inc.’s investors may get a glimpse into the future from sales of tickets to see country-rock singer Travis McCready in what would be the industry’s first socially distanced concert.Sales of passes to see McCready, frontman for the band Bishop Gunn, play an acoustic set in Fort Smith, Arkansas, on May 15 suggest a pathway for the return of live events. Concert organizer TempleLive is planning to implement a number of guidelines to comply with local restrictions including limiting the number of available seats so fans remain at least six feet apart during the show. Tickets are being sold by Live Nation’s Ticketmaster.For Live Nation, the move comes at a critical time with the shares down 48% since hitting an all-time high in February. The world’s largest concert organizer had been experiencing one of the industry’s best years before the Covid-19 pandemic shuttered events globally.At the McCready show, William Blair analyst Ryan Sundby said “fan pods” will consist of anywhere between two and 12 seats, cutting the allowed attendance down to 229 fans, or 20% of normal capacity. Attendees will need to wear masks and have their temperature checked at entry points. Fog sprayers will be used to sanitize the venue, bathrooms will be limited to ten people at a time, and soap and paper towel dispensers will be touchless. As for the concession stand, food and beverages will be prepackaged or have lids, Ticketmaster said on its website.While it’s unclear when concert touring may resume on a larger scale, Sundby said in a research note this week that these protocols shed some light about the how industry may be able to satisfy health authorities. McCready’s show is “a positive step, even if just a baby one, toward moving more shows back onto the calendar in 2020,” wrote Sundby, reiterating his outperform rating on the stock.(Adds name of concert organizer in second paragraph, updates shares in third.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The shutdowns from Covid-19 have hurt businesses like the Atlanta Braves and Formula One, while SiriusXM has been more resilient. But the stocks are trading at big discounts.
Live Nation Entertainment, Inc. (NYSE: LYV) (the "company") announced that it intends to offer, subject to market and other conditions, $800 million in aggregate principal amount of senior secured notes due 2027 (the "Notes"). Obligations under the Notes will be guaranteed by the company and the company's existing and future domestic restricted subsidiaries that guarantee the company's senior secured credit facility.
Staff reductions are part of a $600 million cost savings program as live concerts remain on hold from COVID-19 restrictions.
In this episode of Industry Focus: Consumer, Emily Flippen and Motley Fool contributor Dan Kline discuss retail bankruptcies and how coronavirus is affecting retail businesses. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center.
Berenberg Bank analyst Brett Knoblauch maintained a Hold rating on Live Nation Entertainment (NYSE:LYV) on Thursday, setting a price target of $47, which is approximately 12.01% above the present share price of $41.96.
Consumer-facing companies of all stripes are jumping as medical research company Moderna reported promising results in an early-stage coronavirus vaccine.