Live Nation going private?

Buy-out reports spark entertainment giant share spike.
News, International News

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Shares of Live Nation Entertainment Inc. spiked 9 per cent before the market opened Friday following a published report that its chairman, along with its largest shareholder, may take the company private, reports Reuters.

The New York Post said chairman Irving Azoff and shareholder John Malone, the chairman of media conglomerate Liberty Media Corp., are talking about buying out Live Nation, but talks are at an early stage.

The newspaper cited an unnamed source "close to the company."

Live Nation did not respond to an email seeking comment.

Live Nation combined with Ticketmaster last year, a very weak year for the concert business. Sales have rebounded somewhat this year, but Live Nation's stock is still close to the 52-week low of $8.17, set in August.

At Thursday's closing price, the company has a market capitalization of $1.9 billion.

The stock (symbol LYV) rose to $10.93 (more than 6 per cent) at press time.

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