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Ticketing and entertainment stocks fall amid coronavirus spread

Ticketing and live entertainment companies in the US saw their stock prices fall on Monday as global markets dropped rapidly amid fears surrounding the spread of coronavirus beyond China’s borders.

Live Nation, the owner of Ticketmaster, saw its stock price fall 8%, while Ryman Hospitality, which owns and operates media and entertainment assets, including the Grand Ole Opry and Nashville’s Ryman Auditorium, was down 5.8%.

The Madison Square Garden Company, which obtains around half its revenue from entertainment properties such as MSG and Radio City Music Hall, fell only 2.4%. MSG has its sights set on separating its entertainment segment from its sports division sometime in the first quarter.

Shares in Walt Disney fell by 4.3%, as its Hong Kong and Shanghai theme parks remain closed due to the virus, while the studio’s live-action remake of Mulan, set for release in China on March 27, faces a costly delay if cinemas don’t reopen soon.

Other market losers on Monday included Imax, which saw its shares fall by 1.9% as Chinese theatres look to remain closed following the decision last month to postpone the Chinese New Year film slate in the country because of the coronavirus outbreak.

Concerns heightened over the weekend after increased reports of the coronavirus beyond China, including in Italy, Iran and South Korea.