How Major Music Companies Are Depending on Debt and Credit to Weather the Pandemic
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billboard.comLive Nation, iHeartMedia, Warner Music and more have boosted liquidity and negotiated with debt holders to survive 2020 and beyond.
On March 12, as the coronavirus spread from Europe and Asia to the United States, Live Nation, joined by AEG and major agencies, took the unprecedented step to recommend that tours be postponed, setting in motion a chain of events that has reshaped the global music business.
Just one week later, credit ratings agency Moody's downgraded Live Nation’s debt on expectations a downturn in touring would “materially weaken” the company’s 2020 financial results.
Live Nation moved quickly, announcing a $500 million cost-reduction plan -- including furloughs, layoffs and executive pay cuts -- as well as better debt.
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