Live Nation CEO and President Michael Rapino reportedly purchased $1 million worth of stock in the company, according to a recent filing with the Securities and Exchange Commission, Billboard reports.
The filing shows that Rapino bought 25,640 shares of common stock at an average of $38.98 per share, which totals $999,837. Board director James Kahan also purchased $110,000 worth of common stock, while executive Vice President and general counsel Michael Rowles purchased nearly $100,000 worth of common stock.
These stock purchases follow a tough day for the stock market. The Dow Jones Industrial Average dropped nearly 10% – or about 2,352 points – which is the biggest drop in one day in 33 years. S&P 500, as well as Nasdaq where Live Nation is listed, were down more than 9% Thursday.
Live Nation’s stock sunk by 16.6%, ending the day at $36.20 per share – a 52% drop from a high of $76.08 on February 19. Although the live entertainment giant had one of its best years in 2019 – with revenue growing 7% to $11.5 billion and an adjusted operating income increasing 14% to $942.5 million, the coronavirus pandemic has directly impacted the industry. While March is a slow month for the industry, Live Nation was among a handful of worldwide promoters that were forced to postpone shows throughout the month of March.
Earlier this month, during an earnings report call, Rapino said that Live Nation would not be too impacted by the virus, as they do not pay artists until after the performances. Additionally, he noted that the concert season does not really ramp-up until the summer months.