(CelebrityAccess) — Private equity investor Melvin Capital has made a substantial investment in Live Nation, raising its holdings in the promoter giant to 5.1%, more than tripling its previous stake.
Through transactions announced by Live Nation on Monday, Melvin now owns an aggregate of 11,075,000 shares of Live Nation’s Common Stock, worth roughly a billion dollars.
Melvin Capital’s expanded holdings in Live Nation pushed it past the threshold of 5 percent, making it a major holder of the company.
Launched by Gabriel Plotkin in 2014, Melvin Capital currently oversees a portfolio of investments worth an estimated $3.5 billion that also includes companies such as Activision-Blizzard, Las Vegas Sands, Amazon, and Texas Roadhouse.
