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The world’s leading forces in live entertainment have recommended that large scale events taking place through the end of March be postponed due to the coronavirus outbreak.
The global task force includes Michael Rapino, the CEO and president of Live Nation Entertainment; Rob Light, managing partner and head of the music division at CAA and Jeremy Zimmer and David Zedeck of UTA, among others.
“We continue to support that small scale events follow guidance set by their local government officials,” the group said in a statement. “We feel fortunate to have the flexibility to reschedule concerts, festivals, and live events as needed, and look forward to connecting fans with all their favorite artists and live entertainment soon.”
The recommendation comes as the National Basketball League and the National Hockey League have canceled their seasons, the Major League Baseball has canceled spring training and delayed its opening day and New York City’s Broadway has shuttered temporarily.
The Coachella Valley Music and Arts Festival has also been moved from its original April date to October.
New York Gov. Andrew Cuomo joined a growing list of state and local officials banning large gatherings in an effort to stem the transmission of the coronavirus.
Live Nation shares tumbled nearly 15% Thursday. The stock, which has a market value of $7.8 billion, has fallen more than 50% since the start of the year.
Source: Business - cnbc.com
