'We're Playing Long Ball': 7 Takeaways From Live Nation's Quarterly Earnings

Schools should not reopen until the government can prove that pupils and staff will be safe, Salford and Eccles MP Rebecca Long-Bailey has said, joining union calls for a delay in the planned reopening of schools on Monday.

Live Nation has terminated a planned $480 million acquisition of Mexico's largest promoter OCESA Entretenimiento, but a future agreement is still possible, a source tells Billboard. Monday (May 25), Live Nation officials notified Corporación Interamericana de Entretenimiento (CIE)

With no physical live music on the horizon due to the COVID-19 pandemic, Live Nation Canada and Budweiser are bringing live music to fans with the weekly virtual concert series, Budweiser Stage At Home.

Europe’s coronavirus crisis took a huge toll on German event producer CTS Eventim in the first quarter, leading to a 34.7% decline in revenue to €184.6 million ($202.1 million) and clouding the outlook for the remainder of 2020.

Madison Square Garden Entertainment experienced a predictable hit to earnings in the quarter ending March 31, posting a 20% drop in revenue and writing down its investment in the dining and nightlife business.

It will be the first to welcome audiences to live events since the onset of the pandemic

Approximately 20 percent of Live Nation Entertainment employees have been furloughed as part of the company's cost-cutting measures amid the spread of the novel coronavirus, company sources toldThe Hollywood Reporter on Friday. Those furloughs began in late April and affected hundreds of Ticketmaster employees.

2,100 employees forced into involuntary leave

Live Nation has furloughed approximately 2,100 of its 10,5000 employees across multiple divisions at the company Billboard has learned.The staff reductions are part of an effort that began in April to reduce costs by $600 million as the publicly traded concert promoters prepares to weather an extended shutdown due to the COVID-19 crisis.This is a developing story...

Live Nation is raising $1.2 billion in a note sale that closes May 20, giving the promoter and ticketing company roughly $3 billion of liquidity going into a near-empty summer concert season. The 6.5% senior secured notes will be used for general corporate purposes and will be due in 2027.The addition of these new notes would bring long-term debt to $4.85 billion and add to interest payments that totaled $157.5 million in 2019.

Live Nation Entertainment has been hit with a credit rating downgrade from S&P Global Ratings. The research firm on Wednesday reduced the concert promoter's rating to B+, from BB-, with a negative outlook, as it argued a prolonged postponement or cancellation of concerts and other events risked "dramatic revenue declines," which in turn would drive up Live Nation's debt load.

By Jill Goldsmith

iHeartMedia's first quarter 2020 earnings release was mainly a preview for what could be a painful second quarter. Overall, Q1 wasn't bad: Old-school broadcast radio revenues barely fell and digital revenues improved on the strength of podcasts. But the advertising slowdown became "more pronounced" in April and suffered "a sharp decline" in broadcast, digital and other segments, CEO Bob Pittman said.

Concert promoter Live Nation has said they are planning to resume concerts at "full scale" in 2021, after the spread of coronavirus stopped live shows across the world.

"Our goal is really to be on sale in the third and fourth quarters for 2021 at full scale.”

Due to the global freeze on live music

By Jill Goldsmith

The gig promoters are trying to find a way for live music to return amid the coronavirus pandemic

By Jill Goldsmith