Live Nation has announced plans to sell off $800 million in bonds to raise funds for “general corporate purposes,” Deadline reports. The concert conglomerate joins other companies, including ViacomCBS and Disney, that have put up their debt for sale after the Federal Reserve began its corporate bond buying program on Tuesday, May 12.
Live Nation and AEG suspended all concert tours in early March after the coronavirus outbreak began to spread in the United States. On April 12, Live Nation CEO Michael Rapino gave up his 2020 salary and announced 50% salary reductions for executives in an effort to cut costs. On April 29, Ticketmaster—a Live Nation company—announced it was furloughing hundreds of employees, approximately a quarter of its workforce.
During Live Nation’s first quarter earnings call last week, Rapino stated the company would be testing smaller concerts regionally and “dabble in fan-less concerts with broadcasts and reduced-capacity shows” before forecasting a return to normal operations in late 2021. “I think in the fall you’ll see more experimenting and more shows happening in a theater setting, into some arenas. And then our goal is really to be on sale in the third and fourth quarters for 2021 at full scale,” he said, according to Variety.
Last month, Live Nation detailed its new “Ticket Relief Plan” refund policy for people with tickets to shows that have been affected by the ongoing pandemic.
Originally Appeared on Pitchfork