Subsidiaries of Live Nation, the world’s largest live-entertainment company, received some $19 million in “Save Our Stages” funding from the Small Business Administration, even though the act was i…
While Live Nation does not wholly own those businesses, sources told the Post that the company urged Democrats and Republicans in Congress to let it be directly eligible for the $15 billion emergency relief program, even though it is a publicly traded company that hardly qualifies as an independent venue.
The report notes that the grants do not appear to have violated the law or any rules set by the SBA, however, it states, “The revelation demonstrates how a large company with stakes in hundreds of smaller businesses could, while following the rules, reap a benefit that some legislators didn’t want. And it shows that how agencies implement a law can be just as important as the way it is written by Congress.
While $19 million is not a substantial amount for Live Nation, which posted a record first quarter in 2022 with $209 million in adjusted operating income, “the government relief to its subsidiaries still protected its investments and improved its long-term outlook,” the report states. “The earnings of its subsidiaries provide Live Nation with crucial cash flow and enable it to service its debt, it said in securities filings.
“As the largest employer in the live music industry of course we advocated for support to be available to all live music workers no matter where they work,” the company’s statement continued. “Ultimately Live Nation wasn’t eligible and that’s ok, we still supported the bill for the good of the industry.”
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