It's worth $25 million, swear to Jesus, says LiveNation.
Ah but your stock is worth only $3.91 per share and that means you've misled us, says U2. It's been grand, but we'd like our money now please.
Only last March, U2 and LiveNation inked a deal in which U2 Inc. picked up 1.6 million shares of LiveNation and expected to amass a considerable return.
As a bad market would have it, LiveNation's stock took a dive and the March deal is undone.
U2 Inc. is going to sell its shares, and LiveNation will take the hit. A heavy hit it is, with losses expected to reach $19 million.
On top of that, Madonna had a similar deal and she's expected to exercise her option as well. So that's another $25 million stock deal that won't pan out for LiveNation.
LiveNation should head over to Congress and beg for a bail-out. The concert promoting industry is on the verge of collapse without an injection of funds! No more U2 at a stadium near you! No more Madonna.....well, there's some good coming out of the bad news.