Live Nation announced Monday that it has raised a $120 million loan and instituted cost cutting measures amid the postponement of many concerts and events during the coronavirus pandemic. CEO Michael Rapino will also forego his salary of $3 million, and other executives will take a 50% pay cut as part of the cost-cutting measures. With these measures, the company now has a total liquidity position of $3.8 billion. “The live entertainment industry has delivered incredible global growth for over...
Live Nation Secures $120 Million Loan as CEO Forgoes Salary and Top Execs Take 50% Pay Cuts
The Wrap - 13 Apr 2020 17:07
Live Nation announced Monday that it has raised a $120 million loan and instituted cost cutting measures amid the postponement of many concerts and events during the coronavirus pandemic. CEO Michael Rapino will also forego his salary of $3 million, and other executives will take a 50% pay cut as part of the cost-cutting measures. With these measures, the company now has a total liquidity position of $3.8 billion. “The live entertainment industry has delivered incredible global growth for over...
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