Finance

Saudi Arabia’s Public Investment Fund sells stake in Live Nation

Featured Image: Andre Benz on Unsplash

Saudi Arabia’s Public Investment Fund (PIF), the country’s sovereign wealth fund, has sold its entire stake in entertainment giant Live Nation according to a Securities and Exchange Commission (SEC) filing last Wednesday.

The PIF acquired a 5.7% stake in the company in April 2020, equating to a total of 12.3 million shares worth roughly $500m (£396m/€473m).

At the time, it made the PIF Live Nation’s fourth-largest shareholder behind Liberty Media, The Vanguard Group and BlackRock.

The SEC filing did not specify when exactly the PIF sold its shares, but according to a report from Billboard, Wednesday’s closing price of $127.02 would mean a gain of roughly 213% – a good investment for the sovereign wealth fund.

Saudi Arabia’s Public Investment Fund is estimated to be worth around $930bn, and was created in 1971 for the purpose of investing on behalf of the Government of Saudi Arabia. The goal is to diversify the country’s revenue streams away from oil.

Investments include the likes of Japanese video game company Nintendo, while a consortium led by PIF became majority owners of Premier League club Newcastle United in 2021.