Quantcast
MERGER TALK AIDS LIVE NATION SPIKE

Live Nation stock closed Tuesday at a record $51.81 after a BTIG analyst rated it “buy,” noting that a merger with SiriusXM was "inevitable."

"We and a growing group of investors have come to believe a nearer-term combination of SiriusXM and Live Nation is inevitable," BTIG analyst Brandon Ross wrote. "We believe Liberty President and CEO, Greg Maffei, has long desired to combine Sirius and Live Nation into a single music distribution company and has encouraged a marriage of his two music industry interests in the past."

Ross said Live Nation could benefit from Sirius' balance sheet.

Live Nation’s stock has been on a steady climb since closing at $36.61 in early April and has closed at more than $50 over the last nine trading days. Shares are up 39% over the last 12 months.

Liberty Media, which owns 71% of SiriusXM’s stock, already has a sizeable stake in Live Nation—34% as of 4/30. The company also owns Formula 1 racing and has small stakes in the Atlanta Braves, the Kroenke Arena Co. and a music streaming company in India. It recently offered to buy a 40% chunk of iHeartMedia, which the company rejected.

Live Nation will announce quarterly earnings on Thursday. 

Live Nation is expected to report growth in all segments—concerts, sponsorship and ticketing—with revenue around $2.9b. Experts have earnings pegged at $.20, down from $.29 reported in the same quarter last year.

 

 

 

NEW RELEASES: LE RETOUR DE CELINE (UPDATE)
Best read while dramatically thumping one's breastbone. (11/18a)
ICYMI: HARRY ON SNL (UPDATE)
He's so dreamy. (11/18a)
ARIZONA GOES TO COLUMBIA
Bring on the remixes! (11/15a)
ROSAL√ćA WINS BIG AT LATIN GRAMMYS
A harbinger of things to come? (11/15a)
WILL REI AMI BE THE NEXT ACT TO POP?
Pass the popcorn. (11/18a)
THE GRAMMY NOMINATIONS
They'll soon be here, and then we can start obsessing about who'll win.
U.K. SPECIAL
Forget Brexit--it's our yearly survey of doings in Blighty. And if you still can't forget Brexit, try drinking.
WHAT'S GOING ON BENEATH OUR WINDOWS?
The latest in Hollyweird.
WEED!
That's what Hollywood smells like. Seriously. 24/7.
 Email

 First Name

 Last Name

 Company

 Country
CAPTCHA code
Captcha: (type the characters above)