While coronavirus (COVID-19) spreads across the globe, the live event industry has taken a big hit – cancelling major festivals and concerts. To help Live Nation, which has been strapped financially on top of millions in debt, Liberty Media fully repaid the promoter giant’s margin loan.

According to a press release, Liberty fully repaid the live event company using a portion of cash on hand.

“With the payment of $130 million, there are no margin or other price triggers that could require a sale of the underlying stock,” Liberty said.

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Since the payment, Live Nation shared increased by 14%, following a plunge in the market earlier this month. Currently, Liberty Media – which owns interests across the media industry in business like Liberty SiriusXM Group, the Braves Group, and Forumla One Group – holds approximately 69.6 million shares of Live Nation common stock.

Earlier this week, we reported that Endeavor, Live Nation Entertainment, and Sinclair Broadcast Group are facing intense financial pressure and increasing debt during this difficult time. Live Nation, which postponed all remaining tours throughout the rest of the month, has $3.3 billion in long-term debt, according to its fourth quarter results. The company’s operating performance could be hurt by the growing number of cancelled events and low attendance, S&P said.