BEVERLY HILLS (VIP-BOOKING) Live Nation (LN) President and CEO Michael Rapino has purchased approximately $1 million worth of company stock, according to a recent Securities and Exchange Commission filing.
Rapino’s latest purchase is intended to maintain his strong level of stock ownership in the company.
This is not the first time Rapino has invested in LN using his personal funds. He spent approximately $1 million in March 2020 to increase the number of LN shares he held in his portfolio, just as the company’s share price was being affected by fears of a deep recession due to the COVID-19 pandemic.
While the company’s share price has improved since the early days of the pandemic, it has been dragged down by concerns about debt and regulatory pressure from Washington, DC.
Live Nation currently shows a debt level of $6 billion, and faces scrutiny over its 2010 merger with Ticketmaster as well as its handling of the 2022 ticket sale for Taylor Swift`s Eras Tour.
Rapino currently holds 5.2 million shares of Live Nation, consisting of 3.5 million shares of common stock, options to purchase an additional 600,000 shares, and a performance share award targeted at 1.1 million shares of common stock.
