Saudi Arabia’s Public Investment Fund – PIF is studying about purchasing Warner Music. A bid worth $12.5 billion is assumed to be already made.
More deals with entertainment companies in America are to be suspected as Saudi Arabia tries to mitigate the coronavirus pandemic and the resulting plunge in oil prices. In late April, Saudi Arabia’s Public Investment Fund (PIF) purchased a stake in Live Nation Entertainment in a deal valued at approximately $500 million.
In the US Securities and Exchange Commission filings, the PIF revealed that it held 5.7 percent of Live Nation, totaling 12.3 million shares. The PIF’s stake in Live Nation rose beyond 5 percent on April 16, the filing noted. The PIF is now the company’s third-largest shareholder. Its primary shareholder is Liberty Media, which owns a 33 percent stake in the company.